Regent Ventures Ltd RGVNF

News Release

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Regent Ventures closes McCallan acquisition 2006-03-29 15:30 ET - News Release Mr. Ed Mueller reports ACQUISITION Regent Ventures Ltd. has received acceptance for filing with respect to its application to the TSX Venture Exchange for the approval for the acquisition of a 22.5-per-cent interest in McCallan Oil & Gas Ltd., a private United Kingdom company that holds a 51-per-cent interest in two joint operating agreements, one with respect to an oil and natural gas concession comprising 4,300 square kilometres in the Carpathian Mountains in Poland and the other with respect to a coal bed methane gas concession comprising 115 square kilometres in the Upper Silesian basin of Poland. As mentioned in Stockwatch March 2, 2006, Regent will not have to contribute to the capital costs of developing these oil, gas and methane gas concessions, but will share pro rata in any profits derived from production from these interests. In accordance with the terms of the transaction, Regent has paid $75,000 in cash to Hans Dietmann of Vienna, Austria, and will issue 2.25 million shares of Regent to the vendor. Two million of the shares will remain in escrow until such time as the vendor can demonstrate that he has secured the exploration financing for the concessions. Regent will issue a further one million shares to the vendor for each oil, gas or methane gas well placed in commercial production by McCallan up to a maximum of 25 producing wells.