MONTREAL, Dec. 13 /CNW Telbec/ - Rolland Energy Inc. (TSX-V: ROE, the
"Corporation") announced today that it has signed agreements with several
arms-length suppliers for payment in shares of trade debts totalling $155,940,
subject to TSX Venture Exchange and other applicable regulatory approvals. An
aggregate 3,118,796 shares will be issued to settle the debts at a price of
5 cents per share and will be subject to a four-month hold period.
"We very much appreciate the support and cooperation of these suppliers",
said Michael McLellan, President and Chief Executive Officer. "The share
issuance helps the Corporation by reducing our short-term debt in line with
our restructuring plan."
Further to an issuance of stock options announced by the Corporation on
October 31, 2007, and pursuant to the Stock Option Plan and the TSX Venture
Exchange regulations, the exercise price of the options cannot be the lower of
ten cents or, in the event of a consolidation, 7.5 cents multiplied by the
consolidation ratio. As a result, the exercise price of the options that were
issued will be fixed at 10 cents per share.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Rolland Energy is a light crude oil producer based in south-western
Manitoba, building shareholder value through growth by combining low-risk
drilling and strategic acquisitions.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Michael McLellan, (514) 333-9292