The directors of CaiTerra International Energy Corporation announced that Ms. Perla Woo, P.Eng, of Calgary, Alberta, has accepted the appointment to the position of President of the company. She was a co-founder of Sunshine Oilsands Ltd. and a member of senior management at the company for a number of years. Prior to this appointment, Ms. Woo held the position of Vice President, Operations, at the company.

Mr. David Wu has resigned his position as President of the corporation in connection with Ms. Woo's appointment. Mr. Wu will continue to serve as the Chairman of the Board of Directors and as an independent director. Mr. David Wu has resigned his position as President of the Corporation in connection with Ms. Woo's appointment.

Mr. Wu will continue to serve as the Chairman of the Board of Directors and as an independent director.