Information  X 
Enter a valid email address

Adulis Resources Inc (ADS)


Wednesday 02 March, 2005

Adulis Resources Inc

Appointment of CFO

Adulis Resources Inc.
02 March 2005

                             ADULIS RESOURCES INC.

                                  NEWS RELEASE

MARCH 2, 2005                                                  CALGARY, ALBERTA


Adulis Resources Inc., the oil and gas exploration and production company which
listed on AIM in November 2004 with the primary objective to explore and develop
prospective oil and gas properties in Colombia, announces the appointment of a
Chief Financial Officer

Adulis Resources Inc. (the 'Corporation') announces that, subject to all
applicable regulatory approvals, A. Scott Hamilton, CA, has been appointed to
the office of Chief Financial Officer of the Corporation, with effect from March
1, 2005. Ray Antony will retain the role of Chairman of the Corporation.

Mr. Hamilton is a Chartered Accountant with a strong background in financial
management and corporate governance. In addition to his comprehensive financial
reporting and accounting knowledge, Mr. Hamilton brings to the Corporation
valuable experience in information technology, human resources management,
strategic planning and corporate business planning and development.

As part of his compensation, the Corporation has granted options to acquire
200,000 common shares to Mr. Hamilton, exercisable at a price of $4.10 per share
for a period of five years. The Corporation has determined that exemptions are
available from the requirements of the TSX Venture Exchange Policy 5.9 with
respect to the granting of stock options.

Stephen Newton, President of Adulis Resources Inc. commented:

'We are very pleased that Scott Hamilton has agreed to join Adulis. His
experience will be extremely beneficial to Adulis as we look to develop the
group into a mainstream Colombian oil and gas exploration and production

Adulis Resources     Stephen Newton       [email protected]         + 0057 1 629 1636
                     Ray Antony           [email protected]                         + 00 403 266 7512

Pelham Public        James Henderson      [email protected]              +4402077436673
                     Charles Vivian       [email protected]               +4402077436672

The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release

Editors Notes:

1. The Corporation is a junior oil and gas exploration company with properties
located in Colombia, South America. The common shares of the Corporation trade
on the Alternative Investment Market of the London Stock Exchange (ADS:LSE) and
the TSX Venture Exchange (ADE:TXSV)

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                      

a d v e r t i s e m e n t