20080529_consolidation-name-update_enMontreal, May 29, 2008 – Rolland Energy Inc. has announced that at a special meeting of its shareholders held on May 27, 2008, the shareholders approved a consolidation of the corporation’s common shares, and have resolved to change the name of the corporation to “Gale Force Petroleum Inc.”

The effective date of the name change, new ticker symbol and share consolidation is expected to be on or before June 6, 2008. The Corporation’s new ticker symbol on the TSX Venture Exchange will be ‘GFP’. The Corporation’s shares will be consolidated on an 8:1 basis.

As at the close of trading on May 27, 2008, the Corporation’s shares closed at $0.07 yielding a pre-consolidation market capitalisation of $7,269,314.

“We believe that this consolidation will help raise the share price to attractive levels and improve trading liquidity” said Michael McLellan, President and Chief Executive Officer. “It will also provide the Corporation with the flexibility to raise the capital it requires to fund acquisition and development opportunities such as the Kentucky Shale Gas Property”.

As previously announced, the Corporation has signed a Letter of Intent to Purchase to jointly acquire 100% ownership of the of the “Kentucky Shale Gas Property”, consisting of approximately 22,000 acres of oil and gas leases, 9 gas wells, gathering lines including compressors, all located in the State of Kentucky, United States. The Corporation will acquire 50% of the Kentucky Shale Gas Property, and will hold a 50% working interest in the project.

The acquisition of the Kentucky Shale Gas Property is subject to due diligence. Technical, geological and legal due diligence have commenced and are ongoing. Verification of local services availability, project costs, as well as the inventory of assets to be acquired including the testing of nine wells has been completed satisfactorily.

The lands to be acquired are in Eastern Kentucky. The lands have Devonian Shale deposits within the Appalachian basin, with the specific nomenclature, “Ohio Shale”, containing mainly Black and Grey Shales. The nine wells on the lands to be acquired have been drilled and logged to the Ohio Shale, and this shale will be the primary target of exploration and development. The Ohio Shale on the lands to be acquired is typically 250 feet in thickness, and found at a depth of 1,000 feet. Due to the shallowness of the wells and low services costs in the region, the cost to drill and complete a vertical well including stimulation are approximately $150,000.

According to studies cited in reports by the Kentucky Geological Survey, the Total Organic Content (TOC) in the Eastern Kentucky Ohio Shale has been found to vary widely, but in the Lower Huron Shale Member of the Ohio Shale the TOC range is between 3% and 6%. The specific TOC of the shale on the lands to be acquired is unknown at this time.

Typical recovery rates from Devonian shale wells in Eastern Kentucky, according to reports by the Kentucky Geological Survey average approximately 23% based on 20-acre spacing, yielding an industry “rule of thumb” average cumulative production of 300 million cubic feet per well over 20 years.
However, there is no guarantee that wells on the lands to be acquired will produce in a similar fashion. Recovery of gas from the lands to be acquired will depend on unknown geological variables as well as the drilling and completion techniques used.

The Corporation has assembled a team of industry experts in the extraction of non-conventional gas to operate the property. Newer stimulation techniques or horizontal drilling may be used by the Corporation to accelerate recovery, achieve a higher than average recoverability factor and thereby increase net asset value.

“The low drilling and completion costs in an area with a shallow blanket formation mean that the Kentucky Shale Gas Property is a good candidate for a multi-year, multi-well drilling program to accelerate value creation for our shareholders,” said Mr. McLellan.

The foregoing acquisition is subject to due diligence, and is expected to close prior to the end of June 2008. The Corporation will provide further information upon completion of due diligence.

ABOUT ROLLAND ENERGY INC. ? www.RollandEnergy.com
Rolland Energy is a public oil and gas corporation focused on acquiring and developing oil and gas properties in North America, building shareholder value through growth.

For more information, please contact: Michael McLellan, 514.333.9292

Forward looking statements:
Statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements – especially but not limited to any geological or reservoir information not supported by a NI 51-101 report – are based on assumptions and estimates that are subject to various risks and uncertainties including but not limited to geological risk, engineering risks, market risk and the risks disclosed under the heading “Business Risks” in the Corporation’s periodic filings with Canadian securities regulators, including most recently in its Management Discussion and Analysis for the exercise ended June 30, 2007 available on SEDAR. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.

“The TSX Venture Exchange has not reviewed this release and therefore does not accept responsibility for its adequacy or accuracy.”
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