News Release

Vancouver – In a settlement with the B.C. Securities Commission, the president of a B.C.-based oil and gas exploration company must resign after admitting to a host of securities law violations, including making false and misleading statements to investors.

Neil Russel Swift, the president and a director of Priority Ventures Ltd., a company listed on the TSX Venture Exchange, cannot be a director or officer of any issuer for at least three years.

Under the settlement agreement, Swift may only trade securities in restricted circumstances and he is banned from buying securities of companies in which he is an insider for three years. He must pay $10,000 to the BCSC to cover costs of its investigation into his conduct.

Swift, who was responsible for Priority’s public disclosure, violated the securities law when the company:
· Sold securities in late 2001 using an offering document that was false and misleading;
· Issued a technical report in late 2002 on its coal resources that was not prepared by an independent person;
· Issued shares without proper resale restrictions; and
· Issued false and misleading news releases about its gas and coal resources.

Swift also failed to file insider reports for 149 transactions, buying and selling that represented about 5.5 per cent of the trading activity in Priority’s stock.

Trading in Priority’s stock has been cease-traded since late 2002.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. The settlement can be accessed through the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.