Piper Resources Ltd. Completes Acquisition of Private Companies

    CALGARY, Aug. 13 /CNW/ - Piper Resources Ltd. ("Piper" or the "Company")
is pleased to announce that it has closed its previously announced acquisition
of the all of the outstanding shares of two private oil and gas companies
which hold assets in the Peace River Arch area of northwest Alberta. The cash
consideration paid was $60 million, subject to normal closing adjustments. The
acquisition has been financed through existing cash balances and the
establishment of a $45 million acquisition loan facility ("Loan Facility")
with Matco Capital Ltd. ("Matco"). The Loan Facility is demand in nature and
bears interest at a specified bank's prime lending rate plus 2.5%. The
principal amount of the Loan Facility is repayable by February 28, 2008 which
can be extended to July 31, 2008 upon consent from Matco. As reported in the
Company's press release of June 26, 2007 and related Material Change Report,
the loan is a "related party transaction" within the meaning of Ontario
Securities Commission Rule 61-501.

    Piper Resources Ltd. is a widely-held, non-listed exploration,
development and production company pursuing conventional oil and natural gas
opportunities in western Canada. The Company is based in Calgary, Alberta.

For further information:

For further information: Piper Resources Ltd., Greg Cave, President,
Tel: (403) 718-2301

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