Salvo Energy Corporation completes acquisition of Expedition Energy Inc.



    CALGARY, Nov. 2 /CNW/ - Salvo Energy Corporation ("Salvo" or the
"Company") and Expedition Energy Inc. ("Expedition") (TSXV:XPD) announced
today that they have completed the previously announced plan of arrangement
(the "Arrangement") pursuant to which Salvo has today acquired all of the
issued and outstanding common shares of Expedition not previously held by
Salvo at a price per Expedition share of $0.34 cash, for cash proceeds of
approximately $10 million.
    The Arrangement was approved by more than 99.3% of the votes cast by
Expedition shareholders at the special meeting of Expedition's shareholders
held November 1, 2007 (99.2% of the votes exclusive of those votes cast by
certain directors and officers of Expedition). No Expedition shareholders
exercised their dissent rights in respect of the Arrangement. The Arrangement
was also approved by the Court of Queen's Bench of Alberta. The Expedition
common shares will be delisted from the TSX Venture Exchange in the near
future.
    D. Stephen Burtt, Peter J. Gross, William C. Guinan, Cameron Millikin, M.
Scott St.-John, Alan Bamsey, Neil G. Burrows and Neil D. Phyper have resigned
today as directors and officers of Expedition as contemplated by the
Arrangement.
    Expedition provided a letter of transmittal to its registered
shareholders with the notice of special meeting and proxy circular relating to
the special meeting which provides instructions regarding the procedure for
exchanging Expedition share certificates for the cash consideration payable
under the Arrangement. For further information, Expedition's former registered
shareholders can contact Expedition's depositary, Valiant Trust Company, at
403-233-2801; Toll free (Canada) 1-866-313-1872; Fax: 403-233-2857 or by
e-mail at inquiries@valianttrust.com. Former beneficial shareholders of
Expedition holding shares through brokerage accounts will receive the cash
consideration through their broker.

    About Salvo Energy Corporation

    Salvo is a privately-held junior oil and gas company with operations in
Alberta.

    This press release shall not constitute an offer to sell or a
solicitation of an offer to buy securities in any jurisdiction.

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

    Certain statements contained in this news release constitute
forward-looking statements. These statements relate to future events or the
Company's future performance. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as "schedule",
"anticipate", "plan", "estimate", "expect", "may", "will", "potential",
"intend", "could", "might", "should", "believe" and similar expressions. These
statements involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those
anticipated in such forward-looking statements. The Company believes that the
expectations reflected in those forward looking statements are reasonable, but
no assurance can be given that these expectations will prove to be correct and
such forward-looking statements included in this news release should not be
unduly relied upon. These statements speak only as of the date of this news
release. The Company does not intend, and does not assume any obligation, to
update these forward-looking statements.





For further information:

For further information: Salvo Energy Corporation: Patricia A. Phillips,
President, email: PPhillips@SalvoEnergy.com, phone: (403) 777-2711; Expedition
Energy Inc.: Patricia A. Phillips, President, email:
PPhillips@SalvoEnergy.com, phone: (403) 777-2711

Organization Profile

SALVO ENERGY CORPORATION

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