TORONTO, Feb. 7 /CNW/ - As of January 25, 2008, Powers Energy Fund, LP
("PEF") owned 8,285,000 common shares ("Shares") of Arsenal Energy Inc.
("Arsenal") which represented approximately 9.90% of the outstanding Shares.
PEF has acquired an additional 400,000 Shares through purchases made in
the market of 100,000 Shares on each of January 28, February 4, 5 and 6, 2008.
After giving effect to these purchases, PEF owns 8,685,000 Shares,
representing approximately 10.38% of the issued and outstanding Shares of
Arsenal as of the date hereof.
Powers Asset Management, LLC is PEF's general partner and investment
advisor and in such capacity exercises control over the Shares held by PEF.
The 400,000 Shares purchased by PEF since January 28, 2008 were acquired
through the TSX.
The Shares were acquired for investment purposes. PEF may acquire
additional Shares or dispose of some or all of the Shares currently held.
For further information:
For further information: Bill Powers, Powers Energy Fund LP ("PEF"), 990
Grove Street, Suite 504, Evanston, IL, 60201, Tel: (847) 424-1097