TUDOR ANNOUNCES VOLUNTARY DELISTING

CALGARY, Dec. 29 /CNW/ - Tudor Corporation (TSX: TDR) ("Tudor") announced that it has made application to voluntarily delist from the Toronto Stock Exchange on or prior to January 31, 2011.

By way of background, Tudor is an oil and gas issuer with production derived almost 100% from natural gas.  With low natural gas prices over the past few years, Tudor has found it difficult to produce natural gas economically.  Tudor chose to shut-in gas wells, rather than produce and sell the natural gas at a loss.  Tudor has seventeen (17) shut-in wells that represent approximately 380 mcf/d of shut-in production that is not economic to produce due to low natural gas prices and the additional expenditures that may be necessary in some cases to bring the production on stream. 

To address the continued low prices for natural gas, Tudor has been examining various opportunities to combine with another issuer to increase production and also to mitigate its dependence upon natural gas pricing.  Tudor entered into a binding letter agreement (the "Letter Agreement") dated March 31, 2010, whereby Tudor agreed to acquire all of the outstanding shares of Marzcorp Oil & Gas Inc. ("Marzcorp").  Marzcorp is an arm's length Canadian company with petroleum properties in Matapedia Valley, Gaspesie, Quebec, targeting oil.  The parties entered into an amalgamation agreement dated October 22, 2010, to combine the companies (the "Amalgamation").  The Amalgamation will result in a reverse take-over of Tudor by Marzcorp and so was treated as a new listing for exchange purposes.  From discussions with TSX, Tudor concluded it was in the best interests of the combined company to pursue a listing on TSX Venture.

Tudor mailed a joint information circular containing prospectus level disclosure on both Tudor and Marzcorp to its holders and the Amalgamation was approved by the shareholders of both companies at special meetings held on November 18, 2010.  The closing of the Amalgamation is subject to Marzcorp completing a private placement of a minimum of $6.5 million in gross proceeds and to receipt of stock exchange approval.

The proposed amalgamation with Marzcorp has not yet been completed, and Tudor and Marzcorp are continuing to work with the TSX Venture Exchange in connection with an application for listing on the TSX Venture Exchange.  The closing of the amalgamation is subject to completion of the private placement being conducted by Marzcorp and subject to receipt of stock exchange approval.  Please see earlier press releases for additional information.

As disclosed in the circular, Tudor received a letter from TSX dated August 11, 2010, that TSX was reviewing the eligibility for the continued listing of the Tudor common shares on TSX.    Following discussions with TSX and subject to the approval of the TSX Venture Exchange, Tudor has concluded that pursuing a listing on the TSX Venture Exchange, either as a stand alone entity or as combined with Marzcorp should that deal proceed, will provide greater liquidity for the Tudor common shares and a market in which Tudor is a more substantial issuer.  The delisting from TSX will occur on or before January 31, 2011.   

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES OR A SOLICITATION FOR PURCHASERS TO BUY SECURITIES.  THIS PRESS RELEASE IS NOT TO BE CONSTRUED AS A PUBLIC OFFERING IN ANY PROVINCE IN CANADA UNLESS A PROSPECTUS RELATING THERETO HAS BEEN ACCEPTED FOR FILING BY A SECURITIES COMMISSION OR SIMILAR AUTHORITY IN SUCH PROVINCE.

Investors are cautioned that this news release contains forward looking information concerning the timing and completion of the amalgamation and the completion of the Marzcorp financing and other matters. There is a risk that the Marzcorp financing will not be completed or that stock exchange approval will not be received, and therefore the amalgamation would not be completed.  Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to the completion of the amalgamation, the Marzcorp financing or other matters addressed in this news release.

SOURCE Tudor Corporation Ltd.

For further information: For further information:

Lionel Conn      
President and Director    
Phone (403) 250-7225    
            Frank Marzoli
President and Director
Phone (514) 721-1180

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