Exxel Energy Corp.: Company Announces Entering Into of Letter of Intent

From: CCNMatthews Newswire | Date: July 11, 2007 | Copyright information

HOUSTON, TEXAS--(CCNMatthews - July 11, 2007) - Exxel Energy Corp. ("Exxel" or the "Company") (TSX VENTURE:EXX) announced today that, upon completion of due diligence, its board of directors has approved the entering into of a non-binding letter of intent ("LOI") with EnCana Oil & Gas (USA) Inc. ("EnCana") for the purpose of the acquisition of a portion of EnCana's interest in the Columbia River Basin, Washington ("CRB").

The LOI provides for Exxel's wholly owned Subsidiary Exxel Energy USA Inc. ("Exxel USA") to pay approximately US$21,500,000, subject to certain adjustments, to EnCana to ...

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