Veraz Petroleum Ltd. (formerly North American Vanadium Inc.) - Cancellation of Stock Options

    VANCOUVER, Aug. 24 /CNW/ - CNQ:VRAZ - Veraz Petroleum Ltd. ("Veraz")
announces that it has reached agreements with each of Case Caulfield and Paul
Baay on the immediate cancellation of all outstanding stock options held by
them. Messrs. Caulfield and Baay had originally been granted 200,000 stock
options each, at an exercise price of $1.75, on June 4, 2007. These options
have now been cancelled.

For further information:

For further information: Oppe Cosijn, President and Chief Executive
Officer, Phone: (403) 303-3759, Fax: (403) 264-8163, Email:

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Veraz Petroleum Ltd.

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