ABINGTON PRIVATE PLACEMENT, PLANS US 20F FILING

The Company is pleased to report it has arranged a small non-brokered private placement financing for $225,000 at $0.10 per unit. Each unit to consist of one common share and one share purchase warrant exercisable for two years at $0.15. Proceeds will be spent on working capital and projects which have received prior approval from the Exchange.

The Company has also converted its financial information into US GAAP in order to expedite the filing in the USA of SEC form 20F and thereby become a fully reporting issuer in the United States capital markets (subject to obtaining all required state level approvals and sponsorship of a NASD market making firm).

Additionally, the Company has cancelled all existing stock options and granted 1,100,000 options at a price of $0.15 exercisable for 5 years (from the effective date of grant of May 1 2005) to officers, directors, consultants and employees of the Company.

The Company has been reviewing prospects in the resource sector on a weekly basis and notes proportionately increased income from its producing oil properties due to increase in oil prices this financial quarter.