Ryland Subsidiary Named as Party in U.S. Legal Action
VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 12, 2007) -
Ryland Oil Corporation (the "Company") (TSX VENTURE: RYD) announces
that it has been made aware of a legal action commenced in the
District Court, City and County of Denver, Colorado, against the
Company's wholly owned Canadian subsidiary, Pebble Petroleum Inc.
("Pebble"), as well as eight other defendants, by Zavanna LLC and
three affiliated corporations. The other defendants include Eternal
Energy Inc., Mr. Brad Colby, Fairway LLC, and Mr. Steven Swanson. The
plaintiffs have also named as defendants ABC Corporation, DEF Limited
Partnership, and John Doe 1-10, entities unknown to the Company and
Pebble. The Company and Pebble learned of the action through one of
the defendants. Pebble has not yet been served with the summons and
complaint, nor has Pebble or the Company otherwise been contacted by
the plaintiffs or their legal counsel.
The plaintiffs allege in their claim that the defendants conspired to
misappropriate confidential and proprietary information concerning
certain oil and gas prospects which they allege Mr. Swanson acquired
during the course of his employment with Zavanna, including
information and data respecting a prospect in Saskatchewan which
Pebble and Eternal Energy purchased from Fairway in October of 2006
(Pebble was not a subsidiary at that time, the Company having
acquired Pebble in May of 2007). The plaintiffs are seeking a wide
range of remedies, including unspecified damages and an accounting
for all proceeds and profits from the sale of the prospect. The
Company believes that the plaintiffs' claim is frivolous, vexatious
and without merit. If and when Pebble is formally served with the
plaintiffs' summons and complaint, the Company intends to cause
Pebble to vigorously defend the action and to seek costs against the
plaintiffs in addition to such other remedies as may be available to
it.
The Company and Pebble are proceeding with the four well drilling
exploration program on the Saskatchewan properties as announced in
the Company's news release of November 1, 2007.
Shares Issued and Outstanding: 108,954,259
The TSX Venture Exchange has not reviewed and does not accept any
responsibility for the adequacy or accuracy of this news release, and
no regulatory authority has approved or disapproved the information
contained herein.
Contacts:
Ryland Oil Corporation
Gerald J. Shields
President
(604) 742-2528
(604) 736-5004 (FAX)
