| News |
Financing Closed, Increased Land Position and Corporate Update
Calgary, Alberta, Tuesday, 23rd January 2007 - Consolidated Beacon Resources Ltd. (the
"Company")(TSX V-KBC) is pleased to announce it has closed its December 2006 private placement
financing. The total subscription amount was $775,800.04 for 11,082,858 Units at a price of $0.07 per
Unit. Each Unit comprises one Common Share and one Warrant for a Common Share at a price of $0.12
per Warrant, the Warrants expiring on 19th December 2008. Additionally, 973,286 Brokers’ Warrants
each exercisable for one Common Share at a price of $0.12 per Warrant were issued relating to the
financing. These securities are subject to a four month hold period.
Consolidated Beacon is also pleased to announce continued progress in the San Joaquin East Slope Oil
and Gas Project. The Joint Venture Partners (KBC having 9.65% investment) now has increased the
signed acreage to 14,419 gross acres (1,390 acres net to Consolidated Beacon) in its Area of Mutual
Interest. Additionally, the project continues to make geotechnical progress towards the exploration
program planned for 2007.
In the ongoing dispute between Consolidated Beacon, Elliott Industrial Petroleum Ltd. and previous
directors of Beacon, on 10th January 2007, the courts granted judgment in favour of Elliott Industrial
Petroleum Ltd. for the amount of $361,091 as set out in the inter-corporate ledgers of Elliot and
Consolidated Beacon, but stayed any enforcement steps by Elliott to collect on the judgement until after
27th February 2007. The court additionally granted Consolidated Beacon the right to continue to audit the
records of Elliot and to apply to vary the judgment in an application to be heard before the same Master in
Chambers on 27th February 2007. In addition to being granted access to the records of Elliott for the
purpose of an audit, Beacon is also taking other legal action to minimise the effect of this judgement
against the company.
About Consolidated Beacon Resources Ltd.
Consolidated Beacon Resources Ltd. is a Calgary, Alberta based corporation in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.
Contact: Gordon Beach
I.R. Communicators, Inc.
(403) 651-2314
Email: gordbeach@shaw.ca
Richard J. Hawes
Consolidated Beacon Resources Ltd.
(403) 221-8392
Email: kbc1@telus.net
Website: www.consolidated-beacon.com
