News Release
Q Investments Makes US$5,000,000 LoanQ Investments Ltd. has agreed to loan to Exxel Energy Corp. ("Exxel"), a reporting company listed on the TSX Venture Exchange, the sum of US $5,000,000. The funds will be employed by Exxel, on or before April 7, 2005, to fund its acquisition of certain oil and gas acreage interests in the Rifle Creek area in the Piceance Basin, Garfield County, Colorado. The Company and Exxel are related parties under Exchange policy 5.9. The loan will be secured by the assets of Exxel, including the acreage interests referred to above. The loan will bear interest at the rate of 10% per annum and will be due five and one-half years from the date of closing. As further consideration for the loan, Exxel will issue 1,000,000 bonus shares to the Company. The loan will not initially be convertible to equity, but the Company has the right to require Exxel to seek minority shareholder approval of a future conversion right which will allow the Company to convert all or any portion of the principal amount of the loan to equity of Exxel at the rate of US $5.00 per share. For further information concerning this announcement, please contact Michael Price, President, at 44-20-7977-1268, or visit our website at www.qinvestmentsltd.com. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
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