International Sovereign Energy Corp. and Palliser Oil & Gas Corporation
Announce Discontinuance of Merger Discussions

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    
    TSX: "ISR"
    Common Shares: 16,096,084
    

CALGARY, Dec. 16 /CNW/ - International Sovereign Energy Corp. (TSX: ISR) ("ISR") and Palliser Oil & Gas Corporation ("Palliser"), a private Alberta based oil and natural gas exploration company, announce that they have terminated a letter of intent dated December 6, 2009 ("LOI") as outlined in the press release of December 7, 2009, due to valuation issues.

About Palliser Oil & Gas Corporation

Palliser, a privately held corporation based in Calgary, Alberta, has been engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties in western Canada since it commenced operations November, 2005. Since commencing operations, Palliser has concentrated on exploration and development drilling of prospects in its core areas, including the greater Lloydminster heavy oil area in both Saskatchewan and Alberta and the natural gas area of Granlea, Alberta. Palliser's current operations are directed predominantly towards heavy oil prospects.

About International Sovereign Energy Corp.

International Sovereign Energy Corp. is an oil and gas exploration development and production company with an office in Calgary, Alberta and is active in the exploration and development of hydrocarbon reserves in western Canada.

The TSX has neither approved nor disapproved the contents of this press release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

SOURCE INTERNATIONAL SOVEREIGN ENERGY CORP.

For further information: For further information: At Palliser: Kevin J. Gibson, President and Chief Executive Officer, Kevin@palliserogc.com, (403) 209-5717; At ISR: Eugene N. Hretzay, President and Chief Executive Officer, ehretzay@isove.com, (403) 263-2472

Organization Profile

INTERNATIONAL SOVEREIGN ENERGY CORP.

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