Rolland Energy renegotiates flexible terms with secured creditor



    MONTREAL, Oct. 26 /CNW Telbec/ - Rolland Energy Inc. (TSX-V: ROE), an
emerging junior oil and gas producer, announced today that it has repaid an
amount of $200,000 to Primatlantis Capital L.P. which was due under its
$3.2 million short-term loan and has negotiated new flexible terms on the
credit facility.
    Under the new terms of the credit facility, the repayment dates have been
extended and there will be no penalties for partial or full early
reimbursement of the loan. The first tranche of the loan has been reduced to
$800,000 and its repayment date has been extended from November 30, 2007 to
February 28, 2008, with full or partial early capital reimbursement at the
discretion of the Corporation. The second tranche of $2.2 million repayment
date has been extended from January 31, 2008 to October 31, 2008, with a full
or partial early capital reimbursement at the discretion of the Corporation.
    "The newly negotiated terms of the loan provide the Corporation with the
time and flexibility to focus on longer-term business plan objectives. This is
a crucial part of our restructuring plan and it demonstrates that we are
managing our financial risks" said Michael McLellan, the Corporation's
President and Chief Executive Officer. "In light of recent circumstances, we
are happy to have the support and cooperation of our lender" added
Mr. McLellan.
    As part of the agreement, and in exchange for the extended terms of
repayment of the loan, the 4,888,889 warrants initially issued to Primatlantis
in conjunction with the loan will be amended. Primatlantis has agreed to
forfeit and cancel 1,888,888 warrants, reducing the total number of warrants
held by them to 3,000,000. The exercise price of the warrants will be reduced
from $0.18 to $0.10 and the expiry date of the warrants will be extended until
October 31, 2008, subject to an accelerated expiry provision whereby, if the
closing price of the Corporation's common shares exceeds $0.24 for ten
consecutive trading days (the "Premium Trading Days"), the expiry date of such
warrants will be shortened to a period of 30 days following the Premium
Trading Days. The amendment of the warrants is subject to the approval of the
TSX Venture Exchange.
    The debt restructuring agreement constitutes a related party transaction
under applicable securities regulatory requirements and the Corporation
intends to rely on an exemption from the valuation and minority approval
requirements available thereunder to issuers in financial difficulty.
    The Board of Directors of the Corporation, including all of its
independent directors unanimously made a determination to the effect that
Corporation was in serious financial difficulty and therefore could avail
itself of an exemption from the valuation and minority approval requirements
set out in Regulation Q-27 respecting Protection of Minority Securityholders
in the Course of Certain Transactions in connection with the proposed debt
restructuring. Mr. Louis-Robert Lemire, a principal with Primatlantis, and a
director of the Corporation, did not vote the on the matter. The foregoing
press release is being issued less than 21 days before the expected effective
date of the new terms of the credit facility in order for the Corporation to
immediately benefit from the extension of repayment terms set out in the
new credit facility.

    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.

    ABOUT PRIMATLANTIS CAPITAL L.P. - www.primatlantis.com

    Founded in 2005 by Guillaume Dumas, Louis-Robert Lemire and Luc Poirier,
Primatlantis Capital L.P. is an innovating asset-based lender specialized in
bridge financing.

    The TSX Venture Exchange has not reviewed this release and does not
    accept responsibility for the adequacy or accuracy of this press release.




For further information:

For further information: Rolland Energy Inc.: Michael McLellan, (514)
333-9292; Primatlantis Capital L.P.: Guillaume Dumas, (514) 393-4141

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