News Release

Q Investments Ltd. Exercises Conversion Right Under Exxel Loan

Q Investments Ltd. ("Q") announces that it has exercised its conversion right under its previously announced loan to Exxel Energy Corp. ("Exxel") in the principal amount of US$5,000,000. The conversion right entitled Q to convert the principal amount of the loan into common shares of Exxel at the rate of US$5.00 per share. Accordingly, Exxel will issue 1,000,000 common shares to Q. The shares are subject to a hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring December 9, 2005.

For further information 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 for the adequacy or accuracy of this release.

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