Mr. Stuart Olley reports

JESMOND CAPITAL DETERMINES NOT TO EXTEND DEADLINE FOR COMPLETION OF PROPOSED QUALIFYING TRANSACTION

Further to Jesmond Capital Ltd.'s previously announced qualifying transaction pursuant to the policies of the TSX Venture Exchange to acquire Quattro Energy Ltd., the company has agreed with Quattro to terminate the proposed transaction in its current form.

Jesmond and Quattro have been actively engaged for over a year attempting to secure the acquisition of certain oil & gas assets in the North Sea both through a previously announced private transaction and the ongoing United Kingdom's 33rd Offshore Oil and Gas Licensing Round. Unfortunately, the private asset transaction was not completed prior to licence expiry and a licence extension was not granted. Subsequent delays in securing contiguous licences have created substantial uncertainty about the ability of Jesmond and Quattro to complete the proposed transaction within the agreed time frame.

Quattro has entered into a number of discussions regarding alternative opportunities involving the acquisition of producing assets within the UK and Africa that may lead to a Qualifying Transaction. Accordingly, by mutual agreement Jesmond and Quattro have determined not to further extend the current deadline for completion of the current transaction, though have agreed to continue to work together to seek opportunities in the oil & gas sector. A renewed time frame for the contemplated transaction will be announced to the market once an alternative Qualifying Transaction has been agreed between Jesmond and Quattro.

Jesmond will also consider transactions in other sectors in the event a suitable oil & gas sector Qualifying Transaction is not identified.

All information in this press release relating to Quattro has been provided by Quattro and is the sole responsibility of Quattro.

Completion of any qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, a qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that a qualifying transaction will be completed.

We seek Safe Harbor.