Champlain Resources Inc., announces Settlement of Debt



    CALGARY, Aug. 21 /CNW/ - Champlain Resources Inc. ("Champlain" or the
"Corporation"), listed on the NEX board of the TSX Venture Exchange under the
trading symbol "CPL.H", announces the closing of a private placement of
1,800,000 Units consisting of one (1) common share ("Common Share") issued at
$0.05 per share and one (1) Common Share purchase warrant exercisable for one
year at a price of $0.10 per share in settlement of $90,000 of outstanding
debt (the "Debt"). The Debt consists of management fees of an existing
director and officer of Champlain cumulating since July 1, 2007 and a former
director and officer for the period of July 1, 2007 to April 1, 2009 which
were assigned to such existing director and officer. The issue of Units will
not result in any change of control.
    Champlain also announces that it will not proceed with its previously
announced private placement of up to 9,000,000 Units for gross aggregate
proceeds of $450,000, each Unit consisting of one (1) Common Share and one (1)
Common Share purchase warrant exercisable for one year at a price of $.10
cents.
    Champlain is of the view that the settlement of the Debt will assist in
seeking alternative forms of financing necessary to proceed with prospective
lease acquisitions and other business opportunities.

    This press release contains certain forward-looking statements. In
particular, statements relating to the acquisition of leases in Pennsylvania,
Montana and Wyoming, the availability of financing necessary to complete such
acquisitions, the prospects for discoveries under such leases, completions of
the Marcellus leases and market conditions for the completion of the proposed
private placement are forward looking. These statements are based on
Champlain's current expectations and assumptions that could prove to be
incorrect. The forward-looking statements are not guarantees of future
performance and undue reliance should not be placed on them. In making forward
looking statements, Champlain has assumed that discussions relating to the
lease acquisitions will continue favorably for the Corporation; that the
market conditions for the private placement will remain favorable; that
sufficient amounts under the private placement will be raised to fund the
acquisition; and that lands explored and developed by other oil and gas
companies surroundings the areas reflect the potential for lands to be leased
currently under discussion with the Corporation. Actual results may differ
materially as a result of risks, uncertainties and other factors, such as:
changes in the general economic, regulatory, industry, market and business
conditions, fluctuations in commodity prices and currency exchange rates; the
successful and timely implementation of projects and lease discussions;
imprecision of reserve estimates; environmental risks; and competition from
other industry participants. Also affecting the accuracy of any
forward-looking statement is the availability of capital required to implement
future operational plans, uncertainties resulting from potential delays or
changes in plans, among others.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    




For further information:

For further information: Mr. Troy Mochoruk, Chairman and CEO: Tel: (403)
618-8989, E-mail: troy@champlainresources.com, www.champlainresources.com

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CHAMPLAIN RESOURCES INC.

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