Cork Exploration Inc. and Profound Energy Ltd. Announce Completion of Previously Announced Strategic Combination



    CALGARY, Nov. 19 /CNW/ - Cork Exploration Inc. ("Cork") (TSX: CRK) and
Profound Energy Ltd. ("Old Profound") are pleased to announce that Cork has
completed the previously announced acquisition of all of the issued and
outstanding common shares of Old Profound on the basis of 1.6 Cork common
shares for each one Old Profound common share resulting in the issuance by
Cork of an aggregate of 46,243,426 common shares of Cork ("Cork Shares") to
former holders of Old Profound common shares (the "Combination").
    In connection with the Combination, the shareholders of Cork, at the
annual and special meeting held on November 16, 2007, approved, among other
things, the name change of Cork to "Profound Energy Inc." ("Profound"),
consolidation of the Cork Shares on a 4 for 1 basis (the "Consolidation") and
the election of William T. (Bill) Davis, Nicholas R. (Nick) Wemyss, Robert C.
(Rob) Cook, George Chow, Herbert (Herb) Pinder Jr. and Keith E. Macdonald as
directors.
    Following the completion of the Combination (including the
Consolidation), Profound will have 24,902,614 Common Shares outstanding. The
Profound common shares are expected to commence trading on the Toronto Stock
Exchange (on a post-Consolidated basis) under the symbol "PFX" at the opening
of trading on or about November 23, 2007.
    The management team of Profound is composed of:

    
    Bill Davis        President and Chief Executive Officer
    Nick Wemyss       Executive Vice President and Chief Operating Officer
    Evelyn Burnett    Vice President Finance and Chief Financial Officer
    Karl Rumpf        Vice President Exploration
    Al Grabas         Vice President Engineering
    Kevin Orriss      Vice President Land
    Bill Kosich       Vice President Drilling and Completions
    Jay Reid          Corporate Secretary
    

    The Board of Directors of Profound has approved a capital expenditures
program of $7.3 million for the remainder of 2007 which will include five
(3.4 net) wells, and the evaluation of four (3.1 net) cased wells awaiting
completion.
    In 2008 the Board of Directors of Profound has approved the expenditure
of $29.6 MM for the drilling, evaluation and equipping for production of
14 (10.9 net) wells.

    Profound is a natural gas leveraged company with high working interests,
an extensive suite of drillable locations on a focused prospective undeveloped
land base and is led by a strong Board and an experienced and dedicated
management team.

    Cautionary Statements

    Disclosure provided herein in respect of BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 Bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. All BOE
conversion in this document are derived by converting gas to oil according to
this 6 Mcf to 1 Bbl ratio.

    Certain information set forth in this document, including management's
assessment of Cork's and Profound's future plans and operations, contains
forward-looking statements. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are beyond these
parties' control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
industry participants, the lack of availability of qualified personnel or
management, stock market volatility and ability to access sufficient capital
from internal and external sources. Readers are cautioned that the assumptions
used in the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. Cork's and
Profound's actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statement will transpire or occur, or if any of them do
so, what benefits that Cork and Profound will derive therefrom. Cork and
Profound each disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws.





For further information:

For further information: Profound Energy Inc.: No. 1700, 700 6th Avenue
SW, Calgary, Alberta, T2P 3N4, Telephone: (403) 513-1379, Attention: William
T. (Bill) Davis, President and Chief Executive Officer

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CORK EXPLORATION INC.

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