2009-05-08-2009-05-07

To buy undisclosed oil and gas properties in AB, SK.

Result Energy Inc., Calgary, (Toronto Venture: RTE) plans to sell certain conventional oil and gas properties in Alberta and Saskatchewan to an undisclosed arm's length private oil and gas company for C$11.8 million. Result will use the proceeds to pay bank debt, working capital deficiency and fund ongoing operations. The sale is part of Result's plan to increase its focus on the resource potential of the Horn River Basin shale gas play in northeastern British Columbia and the Bakken oil play in southeastern Saskatchewan. Pro forma, Result will hold oil and gas properties with an estimated value of C$17 million, C$34 million in tax pools and C$1.5 million in cash with no debt. The deal is expected to close by July 1.