Change of Control puts ISR in breach of Scotiabank credit facility

    TSX: "ISR"                                Shares Outstanding: 13,928,084

    TORONTO, June 30 /CNW/ - International Sovereign Energy Corp. (the
"Company") reports that on June 27, 2008 it received a reservation of rights
letter from its banker, The Bank of Nova Scotia, (the "Bank") advising that
because there has been a change of control without the consent of the Bank, as
such term is defined in its commitment letter, the Company is in breach of its
credit facilities commitment. The Bank advised that they are currently
reviewing their position in order to determine the appropriate course of
action and will be monitoring the account on a day to day basis. The Company
and the Bank are currently in discussions to resolve this matter. The Company
notes that there has not been a material change in the shareholdings of the

    International Sovereign Energy Corp. is an oil and gas exploration
development and production company with offices in Calgary, Alberta and
Islamabad, Pakistan and is active in the exploration and development of
hydrocarbon reserves in Western Canada and internationally.

    The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Certain
information provided in this press release contains forward-looking statements
that by their nature are subject to numerous risks and uncertainties and
readers are cautioned that actual results may vary considerably from those

    Forward-looking statements: This news release contains certain
forward-looking statements, including management's assessment of future plans
and operations, and capital expenditures and the timing thereof, that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond the Company's control. The Company's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can be given
that any of these events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that the Company will derive there from. Additional
information on the Company's operations and financial results are included in
reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website ( All subsequent
forward-looking statements, whether written or oral, attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required by applicable securities laws.

For further information:

For further information: Eugene N Hretzay, President & Chief Executive
Officer, Tel: (403) 263-2472, Fax: (403) 264-7035, Or visit our website at

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