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Debt Settlement

Calgary, Alberta: (Oct-16-07) Inc. officials stated that the company had entered into a debt settlement agreement pursuant to which the principal amount of $1,726,096.00 owed to a related party. The settlement was reached after the issuance, as fully paid and non-assessable, of 9,798,010 common shares of Wavefire to the related party at a price of $0.1756. Records show that the indebtedness represents amounts previously advanced by a director to Wavefire as disclosed in the audited financial statements of Wavefire. No change of control occurs as a result of the debt settlement. The company also stated that it has entered into a farm-in agreement covering three sections of land in the Acadia Area of Alberta pursuant to which it will earn the farmers' 100% interest in the drill spacing unit and a 65% interest in the balance of the lands by drilling a test well on the lands on or before November 30, 2007 and payment of the Farmers' cost to date of approximately $162,000 incurred in developing the drill site. Drilling and abandonment costs to be borne 100% by Wavefire are estimated to be $260,000.00. [MARKET WIRE: DEBT SETTLEMENT]

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Published on Oct-17-07


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