PET Peat Resources Ltd. (delisted)

The company (TSX VENTURE:PET) is pleased to report that it has negotiated,
subject to regulatory approval, settlement of $614,301 of debt to insiders of
the company, in exchange for a total of $70,220 cash payable within sixty days
plus 2,000,000 shares. The settlement agreements were approved by the Board of
Directors, excluding those that have a direct interest in their particular
settlement. 


The registered office has been changed to 15 Toronto Street, Suite 200, Toronto,
Ontario, M5C 2E3 which are the offices of John Allen, one of the directors and
counsel to the company.


Peat Resources Limited was formed to explore, develop and produce peat fuel - a
sustainable bioenergy resource. The company is active in Ontario and
Newfoundland. The company has developed an environmentally acceptable harvesting
and processing system to supply consistent quality peat fuel in long-term (+ 20
year) contracts to utilities and other industrial operations for heat and power
generation. The Company is also investigating development of value-added
biocarbon derivatives from peat pellets such as activated carbon for which there
is growing demand in many industrial and domestic applications.


Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the expectations
expressed in such statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in the statements. There are
certain factors that could cause actual results to differ materially from those
in forward-looking statements. These include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors
should review registered filings at www.sedar.com.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Peat Resources Limited
Patricia Mannard
(416) 862-7885
(416) 862-7889 (FAX)
pmannard@peatresources.com
www.peatresources.com

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