Soho Resources Corp. Approves Arrangement Agreement with Huntford Resources Corporation; Share Exchange to Proceed Upon Regulatory and Court Approval

Vancouver, B.C., CANADA


VANCOUVER, British Columbia, Sept 14, 2001 (PRIMEZONE) -- Soho Resources Corp., ("Soho" or the "Company"), (CDNX:SOH), today announced that at the Company's reconvened annual general and extraordinary meeting of shareholders completed on Friday, September 7, 2001, Soho shareholders overwhelmingly approved the Arrangement Agreement with Huntford Resources Corporation, ("Huntford"), thereby allowing the two companies to proceed with a share exchange whereby Huntford will become the wholly owned subsidiary of Soho. Soho intends to immediately file for final approval of the Arrangement Agreement with the Canadian Venture Exchange and the Supreme Court of British Columbia.

Soho Shareholders, at the reconvened meeting, also approved two additional items of business, a) the change of the Company's name to Ceres Energy Inc. and b) disinterested shareholders passed an ordinary resolution to approve an amendment to the Company's 2000 stock option plan. The 2000 stock option plan amendment, if adopted by the Company's board of directors, allows the total number of common shares allotted and reserved for future issuance to be equivalent to 20% of the issued and outstanding share capital of the company. Any options granted under the plan will be subject to vesting provisions over a period of not less than 18 months such that 1/8th of any options granted under the plan will vest every three months. In addition, all stock options and any shares issued on the exercise of stock options will have a four-month hold period from the date the stock options are granted.

The above business is subject to regulatory approval from the Canadian Venture Exchange.

About Soho Resources Corp.

Soho Resources is an oil and gas exploration company actively exploring prospects in the Williston and Uintah Basins in the United States, and in the Michigan Basin of Canada. Both directly and indirectly, Soho holds varying interests in four projects, including Quest project in Utah (3% to 21.4% interest), the 80,000-acre Sundance project in North Dakota (37.5% interest), the Phoenix Project in southern Ontario (100% interest) and the Wolverine Prospect in North Dakota (100% interest).

Note: The Canadian Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.



        

Contact Data