Serrano Energy Ltd.

Serrano Energy Ltd. has retained Cormark Securities Inc. to seek strategic alternatives including a corporate sale, merger or asset sales. Serrano total proved reserves are 1.56 billion barrels of oil (1 billion barrels proved developed producing). Probable reserves are 1.5 billion barrels of oil. The company holds a 20% working interest in The Blackrod SAGD oilsands project in Alberta. Canadian Phoenix Resources Corp. holds approximately 55% of Serrano. Contact Ryan Shay, 403-750-7202, rshay@cormark.com.