Patch Appoints CIBC World Markets Inc. as Financial Advisor for Strategic Alternatives

    CALGARY, Jan. 22 /CNW/ - Patch International Inc. (OTCBB:PTCH) ("Patch"
or the "Company") announces that the board of directors has unanimously
approved a process to review strategic alternatives to maximize shareholder
value. The board of directors has retained CIBC World Markets Inc. ("CIBC
World Markets") as its exclusive financial advisor to assist in exploring
strategic alternatives. These alternatives may include the sale of the
company, merger, reorganization or such other alternatives that are considered
to be in the best interest of Patch shareholders. The marketing process is
anticipated to commence in February, 2008.
    Patch International is an emerging oil sands company with a total of
60 sections gross (48.6 net) of oil sands leases. Ells River, the primary play
comprised of 32 sections (25.8 net) of land, holds 19 core holes and 64 miles
of 2D seismic to substantiate a quality asset. The integrated data of core
analysis, seismic interpretation, and independent reservoir modeling suggest
the reservoir quality within the Ells River area to be capable of sustaining
economic production by means of Steam Assisted Gravity Drainage (SAGD). The
Ells River leases are exceptionally well located for commercial production and
expansion. McDaniel and Associates has provided a resource appraisal of the
Ells River asset to hold P50 contingent resource of 139 mmbbls of recoverable
bitumen, and a P10 contingent resource of 203 mmbbls bitumen. Management
estimates the Ells River asset holds an approximated 1.4 billion barrels of
bitumen in place, and a project potential in excess of 40,000 bbls/day.
    Patch also holds 10 sections (9.5 net) of oil sand leases in the Muskwa
area which is in relative proximity to the producing Brintnell and Pelican
Lake area, currently cold flow production. This asset holds an estimated
109 mmbbls oil in place based on the McDaniel and Associates resource

    About Patch

    Patch is an emerging oil sands company dedicated to the exploitation and
production of its resources in the Athabasca oil sands area in Alberta,
Canada. Patch's strategy has been to engage top quality staff and consultants
to exploit and produce its high quality oil sands assets.

    No regulatory authority has approved nor disapproved the contents of this
    release. The TSX Venture Exchange does not accept responsibility for the
    adequacy or accuracy of this release.

    Cautionary Note to U.S. Investors:

    The United States Securities and Exchange Commission (SEC) regulations
permit oil and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual production or
conclusion formation tests to be economically and legally producible under
existing economic and operating conditions. We use certain terms in this press
release, such as "Contingent resources", "Undiscovered resources", and
"Recoverable resources" that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. The SEC regulations define reserves
associated with oil sands as mining-related and not a part of conventional
crude oil and natural gas reserves. U.S. Investors can obtain reports from the
SEC by calling 1-800-SEC-0330.

    Forward-Looking Statements:

    This news release contains certain statements that may be deemed
"forward-looking statements" about the development of oil sands in Alberta,
Canada. All statements in this release, other than statements of historical
fact, that address future production, reserve/resource potential, exploration
drilling, exploitation activities and events or developments that Patch
expects to occur, are forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans" "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or "should" occur.
Information inferred from the interpretation of drilling results and
information concerning mineral resource estimates may also be deemed to be
forward-looking statements, as it constitutes a prediction of what might be
found to be present when and if a project is actually developed. Although
Patch believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued availability of
capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. Forward-looking statements
are based on the beliefs, estimates and opinions of Patch's management on the
date the statements are made. Patch undertakes no obligation to update these
forward-looking statements in the event that management's beliefs, estimates
or opinions, or other factors, should change. For further information,
investors should review Patch's filings that are available at and

    %SEDAR: 00026026E

For further information:

For further information: Jason Dagenais, Chief Operating Officer, or
Cathy Forsyth, Investor Relations Manager, Patch International Inc., (403)
441-4390, extension 2000, Email:; Please visit Patch's
website at

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