Palliser Oil & Gas Corporation to Commence Trading on the TSX Venture Exchange

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2010) - Palliser Oil & Gas Corporation ("Palliser" or the "Company") is pleased to announce the final receipt for its Non-Offering Prospectus was received February 2, 2010 and the Company's common shares will commence trading on the TSX Venture Exchange, at the market open, on February 10, 2010 under the symbol "PXL".

Palliser is a Calgary-based emerging junior oil and gas company with current production of approximately 450 boepd (80% oil). The Company is currently focused on high netback conventional heavy oil production in the greater Lloydminster area of both Alberta and Saskatchewan.

The management team of Palliser is led by Kevin J. Gibson, P.Geol., President & CEO, formerly President and Director of TSX listed Innova Exploration Ltd. Innova was sold to Crescent Point Energy Trust for $400 million ($7.55/share) plus assumption of bank debt in October 2007. Prior to Innova, Kevin was President and Director for TSX listed Western Star Exploration Ltd. The members of the Palliser senior management team each bring years of relevant experience in their respective fields as well as experience with high growth publicly listed oil and gas companies:

- Alan B. Carswell, P.Geol, VP Exploration - previously with NuVista Energy, Bonavista Petroleum and Canadian Natural Resources.

- Carrie L. McLauchlin, VP Finance & CFO - previously with Luke Energy, KeyWest Energy, KPMG

- Robert R. Padget, P.Eng., VP Engineering - previously with Great Plains Exploration, Seventh Energy, Encal Energy

- Glenn Taylor, VP Operations - previously with TransGlobe Energy, Western Star Exploration, Inverness Petroleum

- Gordon Timm, P.Land, VP Land. - previously with NuVista Energy, Signal Energy, Penn West Petroleum

The Board of Directors is comprised of Daryl S. Fridhandler, QC, Partner with Burnet Duckworth & Palmer LLP (Chairman); Kevin J. Gibson, President & CEO of Palliser; Wayne R. Toole, P.Eng, President of Silver Strand Energy; Ken Crowther, P.Eng., former President of Sproule Associates Ltd.; and Stephen C. Hayden, MBA LLB, Founder and Managing Director of Ivy Capital Partners.

Corporate Highlights:

- Current production of 450 boepd (80% conventional heavy oil). Based on favourable oil pricing and narrow differentials, Palliser's conventional heavy oil is receiving excellent field net backs ranging from $30 - $35 per bbl.

- 50,300 gross acres (40,200 net acres) of undeveloped land.

- Over 80 drilling/reactivation locations on existing acreage (75% oil prospects).

- 21.7 million basic shares outstanding (23.9 million diluted).

- Approximately $2 million of estimated net debt at December 31, 2009 and a credit facility of $3 million.

- Proved plus probable reserves of 1,424 mboe at December 31, 2009 (per an independent report prepared by GLJ Petroleum Consultants Ltd.) and $28.7 million net present value of proved plus probable reserves at a 10% discount before tax.

- 100% working interest and operatorship in oil properties and prospects.

[via]