CANADA GAS ENGAGES CALGARY BASED ENERGY TEAM
Vancouver, British Columbia, Canada - February 26, 2010 - Canada Gas Corp. ("Canada Gas" or the "Company") is pleased to announce a new corporate strategy beginning with the engagement of Peter Carwardine, Brian Spilchen and Steve Smith, former key members of the management team of publicly traded Nexstar Energy Ltd. ("NXE" "Nexstar"), as consultants for the Company. These consultants, joined by Mr. Bob Stinn, P.Eng., have been engaged as the Company's new technical, financial and corporate development team. Mr. Stinn most recently provided engineering support to Devon Canada Corp. in the deep basin of Alberta and British Columbia and he brings business, technical and operational experience gained from managing projects ranging from Fort Laird in the NWT to southern Saskatchewan. The members of the former Nexstar management team bring notable accomplishments to Canada Gas, including their recent success resulting from the drilling of the initial horizontal Cardium light oil discovery well in the East Pembina area of central Alberta as well as numerous successful follow-up wells in the Pembina area - now one of the premiere light oil resource plays in North America. Nexstar was recently acquired for their Cardium oil prospects by Result Energy Inc. ("RTE"), who in turn is currently in the process of being acquired by Petrobakken Energy Ltd. ("PBN").
From their offices in Calgary, Alberta, Canada, this experienced team of consultants will assist the Company in the identification, evaluation and implementation of growth initiatives which may include asset acquisitions, mergers and participation in selected drilling projects, with a specific focus on light oil plays in Western Canada.
Peter Carwardine, BBA
Mr. Carwardine is the President of Baycrest Energy Ltd., a private oil and gas firm based in Calgary, Alberta. Baycrest provides consulting services and business advisory services to selected clients in North America. Mr. Carwardine was most recently the President, CEO and Director of Nexstar Energy Ltd., which was sold in February 2010 to Result Energy Inc. in a sale valued at over $60 MM. Mr. Carwardine is a member of the Canadian and American Association of Petroleum Landmen, is a graduate of the University of Texas (BBA) and has over 30 years of oil and gas operational, business and management experience.
Brian Spilchen, CMA
Mr. Spilchen is the President of 1221816 ALBERTA LTD., a private consulting firm based in Calgary, Alberta. 1221816 provides consulting services and business advisory services to selected clients in Canada. Mr. Spilchen was most recently the VP, Finance & CFO and Director of Nexstar Energy Ltd. since 2006. Prior thereto he held various roles with the National Bank of Canada since 1996, including that of a Manager in the Energy Group. Mr. Spilchen possesses a CMA designation and is a graduate of the University of Alberta and has over 25 years of banking and financial experience.
Steve Smith P.Land
Steve Smith is a Professional Landman with more than 25 years oil and gas land negotiation and administration experience and is an active member of the Canadian Association of Petroleum Landmen. Mr. Smith was most recently Vice-President, Land of Nexstar Energy Ltd. and prior to Nexstar, he held senior land positions at PrimeWest Energy Corp., Calpine Canada Ltd. and Encal Energy Ltd. Mr. Smith currently provides land and business consulting services for selected clients in Western Canada.
Bob Stinn P.Eng.
Mr. Bob Stinn, P.Eng., has over 20 years of multi-disciplined oil and gas experience in Western Canada. He is a member of APEGGA and SPE, is a graduate of the University of Alberta and holds a degree in Petroleum Engineering. Mr. Stinn most recently provided engineering support to Devon Canada Corp. (Deep Basin of Alberta and northeast British Columbia) and previously held the title of VP Operations at each of Chariot Energy and Assure Energy. Mr. Stinn is also a member of the management team of Tyvan Energy Ltd., a privately-held oil and gas production company with operations in southeast Saskatchewan.
In addition, Canada Gas also welcomes Peter Watson, formerly VP Investment Banking of Novadx Ventures Corp., Jim Glass, Principal of Ascenta Capital Partners Inc., Keir Reynolds, VP of Contact Financial and Jackie Cheung, President of Koi Communicatons to its Advisory Board. Collectively, these individuals possess broad junior market experience and will assist the Company in executing its strategic objectives.
President and CEO, Chad McMillan comments that "We are pleased to welcome our new consultants and advisors as we move in an aggressive new direction. By focusing primarily on Western Canadian light oil opportunities which are conducive for horizontal drilling and multi-stage completion techniques, we look to enter a still emerging space which holds tremendous potential for the Company."
The Company is granting 2,740,000 incentive stock options for Directors, Officers, Advisors and Consultants of the Company, exercisable at a price of $0.10 for a period of 5 years.
About Canada Rare Earths
Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at its 100% owned Goeland Rare Earths Project within the Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares. Since the acquisition of the Goeland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America. Worldwide, carbonatite-related deposits are a major host for rare earths elements ("REE"). The world's most advanced and prolific REE deposits in production or development, Bayan Obo (China), Molycorp's Mountain Pass (USA), Lynas's Mount Weld (Aus), and Rare Earth Element Resource's Bear Lodge project, are all hosted by carbonatites.
For more information on Canada Rare Earths, please contact our Head Office.
On Behalf of the Board of Canada Rare Earths Inc.
Chad McMillan
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All of the above is subject to TSX.V and regulatory acceptance.
FORWARD LOOKING STATEMENTS
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's Pre-Development Agreement and the exploration of the Goeland Project, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals and any required financing to complete the Company's obligations pursuant to the Pre-Development Agreement and planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Canada Rare Earth's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Canada Rare Earths does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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