Adamant Energy Inc.

Adamant Energy Inc. has retained Scotia Waterous Inc. to seek strategic alternatives for the company. The company has 64,000 undeveloped acres with core assets in the Peace River Arch and St. Anne areas and minor assets in the Watelet and Retlaw areas of Alberta. Production is 16.2 million cubic feet of gas and 305 barrels of oil and gas liquids for a total of 3,005 barrels of oil equivalent per day. Proved reserves are 5.7 million barrels equivalent and proved-plus-probable reserves are 8.2 million barrels equivalent. The company is also willing to sell its Dixonville royalty interest separately. It features a 5.4% to 7.5% gross overriding royalty on the Dixonville Montney 'C' Pool and the associated farm-in lands. Net production is 110 barrels of oil and 114,000 cubic feet of gas per day. For more information, contact Rick Eremenko, 403-261-2374.