VANCOUVER, British Columbia, Dec. 10, 2007 (PRIME NEWSWIRE) -- Golden Aria Corp. (OTCBB:GARA) (the "Company" or "Golden Aria") announces that it has completed the acquisition of all the issued and outstanding shares of Target Energy Inc., a private company with producing oil & gas assets in Western Canada. Target Energy Inc. will continue as a wholly owned subsidiary of Golden Aria Corp. The acquisition marks the new focus of Golden Aria Corp. as an oil and gas exploration and production company.
The acquisition was completed on November 30, 2007. Shareholders of Target Energy Inc. receive one share of Golden Aria Corp. for every share of Target Energy Inc. they previously held, and 13,810,000 shares of Golden Aria have been issued as a result. No cash was used in the transaction, and Target Energy Inc. had no long term debt.
MANAGEMENT CHANGES
As a result of the acquisition, there are a number of management changes. Dr. Gerald Carlson has resigned as President of Golden Aria but remains a director. The Company thanks Gerry for his many valuable contributions, leadership and tireless work ethic, and acknowledges the value of his expertise. Chris Bunka retains his positions as CEO and Chairman of the Board.
The new President of Golden Aria is Robert McAllister. Mr. McAllister is a resource investment entrepreneur with over 20 years experience in resource sector evaluations and commodity cycle analysis. He brings extensive knowledge and expertise in building a successful company.
Two former directors of Target Energy Inc. have joined the Board of Directors of Golden Aria. They are Mr. Hugh Reid, petroleum geologist with over 35 years experience in the oil patch in North America & overseas, 7 years with Mobil Oil & 28 years as an independent consultant in Calgary. He specializes in Drill Stem Testing (DST) interpretation & identifying wells which have "missed pay" (bypassed production) and Mr. James Letourneau, is a petroleum geologist with expertise in petroleum hydrogeology and geochemistry. He is a well regarded independent commentator and conference speaker. Jim is a member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta; American Association of Petroleum Geologists; Canadian Association of Petroleum Geologists; and, the Canadian Society for Unconventional Gas.
The Company also welcomes several technical advisors and one scientific advisor who are already contributing their expertise.
Ms. Jennifer Wells, Petroleum Geologist with over 25 years of oil industry experience. She is the chief geologist with Seven Energy (Canada) Inc, based in Calgary. She has specialized in shallow gas plays such as the Edmonton Formation and manages her own consulting company, Jennifer Wells & Associates Ltd.
Mr. Alex DeGreeve, B.Sc. Degree in Geological Engineering with over 45 years of diversified experience in the oil & gas industry mainly in Western Canada including 35 years with a major oil company and the remainder as an independent oil & gas consultant.
Mr. Richard Mayers is a petroleum geophysicist and petroleum geologist with over 35 years of exploration and development experience working in the O & G industry in Western and Northern Canada, the USA, and Internationally. He has worked for ExxonMobil, Suncor, PanCanadian (Encana). He is an exploration & development consultant and has served as a consultant and advisor to the Geological Society of Canada, Petro-Canada/RECOPE, OMV, Technika/AGOCO, Boyd Petrosearch, PEMEX, Schlumberger/SONANGOL and other companies.
Mr. Kristian Ross, President of Coyote Copper, Inc. He was the former President of Redhawk Resources, Inc. and Erickson Gold Mines Limited. His years of operating resource companies in the public arena adds depth to the Company's management expertise, including forward looking strategic corporate planning, mergers and acquisitions.
Scientific Advisor Dr. John Andrichuk has over 50 years of very successful oil industry experience. He is an owner of the firm of Andrichuk and Edie, Independent Geologists; and has been the co-discoverer of more than 10 Western Canadian Sedimentary Basin oil and gas fields; including the Morinville Leduc D-3B pinnacle reef that has produced over 10 million barrels of barrels of light oil, to date. He is an extensively published authority on stratigraphy with emphasis on the Devonian, and his primary focus for Golden Aria is in the search for new oil pools from that time period.
New president Mr. Robert McAllister said, "I'm thankful for this opportunity to help lead a truly exceptional technical team in our goal of building a world-class oil & gas company. Energy supply is growing in importance every day in our increasingly industrialized and interconnected world. We live in a golden era of energy, and Golden Aria intends to use its intellectual advantages to build sustainable value for all it shareholders."
About Golden Aria Corp.
Golden Aria Corp. is focused on building shareholder value through the evaluation and acquisition of oil & gas exploration and/or production opportunities. The Company currently has producing assets in Saskatchewan, Canada, and routinely evaluates oil and gas projects from around North America.
This News Release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that Golden Aria will become a world-class oil and gas company, the ability to build shareholder value through the evaluation and acquisition of oil and gas exploration or production opportunities, and the ongoing evaluation of oil and gas projects from around North America.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. In particular, identifying and evaluating potential projects and estimating reserves involves inherent engineering uncertainties as well as inherent uncertainties about the future fluctuations in the price of oil and gas, which can cause estimates of economic reserves to be revised upwards or downwards. Other factors affecting forward looking statements include, among others, the inherent uncertainties associated with oil and gas exploration; legislative, environmental, judicial, regulatory, political and competitive developments in areas in which Golden Aria operates; and technological, mechanical and operational difficulties encountered in connection with Golden Aria 's activities. These forward-looking statements are made as of the date indicated, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in such statements are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Potential investors should refer to the risk factors disclosure outlined in our annual report on Form 10-KSB, our quarterly reports on Form 10-QSB and other periodic and current reports filed from time-to-time with the Securities and Exchange Commission.