November 3, 2008
Standard & Poor’s Initiates Factual Stock Report Coverage on Canadian Phoenix Resources Corp.
Standard & Poor's announced today that it has commenced Factual Stock Report coverage on Canadian Phoenix Resources Corp.
Canadian Phoenix Resources Corp. (TXV: CPH) is an oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix is pursuing a corporate strategy of being a consolidator of undervalued oil and gas assets located in the Western Canadian Sedimentary Basin.
The company's principal oil and natural gas properties are located on the Sarcee Lands (situated immediately west of Calgary, Alberta), the Campbell area of Alberta and the Poundmaker First Nation and Freemont areas of Saskatchewan. The company had approximately 227 barrels of oil per day (BOPD) and 182 BOPD from 10 producing wells in the Freemont area of Saskatchewan as of Dec. 31, 2007 and Mar. 31, 2008, respectively. It had a 40%-100% interest in these wells and the surrounding lands which comprised approximately 1,400 acres. Canadian Phoenix had approximately 35 BOPD from one producing well in the Campbell area of Alberta as of Dec. 31, 2007, which was subsequently shut in the first quarter of 2008. This well came on production in January 2007. Canadian Phoenix has a 42.5% interest in this well.
On Aug. 20, 2008, the company acquired 50.1% ownership of Serrano Energy for total deemed consideration of C$55.0 million. Canadian Phoenix sold its Freemont heavy oil property to Serrano.
On Sept. 19, 2008, the company purchased 90 million Class A common voting shares of Marble Point at the price of Canadian Dollar (C$) 0.65 per share representing an aggregate subscription amount of C$58.5 million. Following this transaction, Canadian Phoenix holds approximately 60% of the total number of Marble Point Class A common voting shares outstanding.
This report will also be accessible on an ongoing basis to the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.
About Standard & Poor's Factual Stock Reports
This Standard & Poor's service provides factual research coverage enabling information about Canadian Phoenix Resources Corp and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company's fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor's. Standard & Poor's Factual Report research has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account.
Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P's STARS research) are eligible to obtain this coverage.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.