BRIDGEWATER, Nova Scotia, Nov. 5, 2001 (PRIMEZONE) -- Osprey Energy Ltd. (CDNX:OEL) is pleased to announce the appointment of Bernard P. Robichaux as Senior Vice President of Oil and Gas Operations. Mr. Robichaux, who is president of BPR Enterprises and BPR Energy of Lafayette, Louisiana, has extensive operational experience, both onshore and offshore, in the oil and gas industry. He has managed both international and domestic projects, with special concentration in Louisiana and the Gulf of Mexico, and has demonstrated expertise in property acquisitions and well completions while earning a reputation for conducting operations in an environmentally responsible fashion.
Mr. Robichaux was instrumental in Osprey's acquisitions of significant oil and gas reserves in Louisiana and will continue to identify and negotiate future acquisitions and play a key role in business development as Osprey strives to become a significant junior oil and gas company. He has also agreed to sit on the Osprey Board of Directors, subject to approval at the Company's Annual General Meeting on December 20.
Osprey Energy is an international junior oil and gas company with working interests in producing properties in Louisiana and Alberta and promising exploration prospects in Nova Scotia, Prince Edward Island and Alberta.
Osprey has recently completed seismic work on a 220,000-acre tract between Truro and Parrsboro, Nova Scotia and is processing the data to pinpoint potential targets for drilling early next year.
The Company also has a 10% working interest, and is finalizing an agreement to acquire an additional 10% interest, in seven onshore exploration permits for conventional natural gas and coal bed methane on 642,128 acres of Prince Edward Island. It is expected that drilling will begin on PEI in the first half of 2002.
ON BEHALF OF THE BOARD OF DIRECTORS OF
OSPREY ENERGY LTD.
"R. Gary Malone"
President
"This release was prepared by management who take full responsibility for its contents. The CDNX neither approves nor disapproves of this news release."
WARNING: The Company relies on litigation protection for "forward-looking" statements.