Resilient Resources To Combine With Guardian Exploration

Resilient Resources Ltd., Calgary, (Toronto: RRL) plans to merge with privately held Guardian Exploration Inc. The combined company will continue as Guardian Exploration Inc. Wolverton Securities Ltd. is advisor for the transaction, which is expected to close by mid-April. Guardian has assets in northeast British Columbia with current production of approximately 1.2 million cubic feet of gas per day and approximately 9,300 gross (3,000 net) acres of undeveloped lands. The company has approximately 3 billion cubic feet of proved plus probable reserves. Resilient controls some 100,000 acres of land on the Blackfeet Indian Reserve in Northern Montana. On a pro forma combined basis the combined company will have initial daily production of approximately 1.6 million cubic feet of gas per day, approximately 100,000 net acres of undeveloped land in Montana and approximately 3,000 net acres of undeveloped land in northeast British Columbia and approximately 5.7 billion cubic feet of proved plus probable reserves.