VANCOUVER, BRITISH COLUMBIA - (Marketwire - Jan. 6, 2009) - XXL Energy Corp. (the "Company" or "XXL") (TSX VENTURE:XL) announces the following:
Termination of Management Services Contract
XXL Energy Corp. and Giant Energy Ltd. ("Giant") have agreed effective as of December 31, 2008 to terminate the Management Services Agreement ("MSA") originally entered into on February 3, 2008 and as originally announced on February 8, 2008. In light of current financial market conditions, both XXL and Giant have agreed it is in their respective best interests to terminate the MSA.
Resignations
The Company announces the resignations of Clifford V. Adams as President, Chief Executive Officer and Director of XXL Energy Corp. and the offices of the subsidiary; Michael Lou as Executive Vice President of Finance and Chief Financial Officer; Victor Barcot as Executive Vice President of Business Development and Investor Relations; and Anthony Gale as Senior Vice President of Operations. All of the above resignations are effective as of December 31, 2008. The Company is appreciative of their contributions and wishes them success in their future business endeavours.
Appointments
John R. Hislop has been appointed to act as interim President, Chief Executive Officer of XXL Energy Corp. effective December 31, 2008. Daniel Weisbeck has been appointed as Chief Financial Officer of the Company effective December 31, 2008.
About XXL Energy Corp.
XXL is an independent oil and gas exploration and development company focused in the Greater Green River Basin of Wyoming, the Columbia River Basin of Washington, the Piceance Basin of Colorado, the Great Basin of Nevada, and the Williston Basin of North Dakota.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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