CORRECTION FROM SOURCE: ROLLAND ENERGY RENEGOTIATES FLEXIBLE TERMS WITH SECURED CREDITOR

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Montreal, October 26, 2007 – Rolland Energy Inc., (TSX-V: ROE), clarifies the expiry date of the warrants that were amended as part of the new terms of its credit facility with Primatlantis Capital L.P.  The actual expiry date of the 3,000,000 warrants is October 31, 2008, and not October 31, 2009, as in inadvertently indicated in the previously issued press release.  Corrected copy follows:   

 

Rolland Energy RENEGOTIATES FLEXIBLE TERMS WITH

SECURED CREDITOR 

Montreal, October 26, 2007 – Rolland Energy Inc. (TSX-V: ROE), an emerging junior oil and gas producer, announced today that it has repaid an amount of $200,000 to Primatlantis Capital L.P. which was due under its $3.2 million short-term loan and has negotiated new flexible terms on the credit facility. 

Under the new terms of the credit facility, the repayment dates have been extended and there will be no penalties for partial or full early reimbursement of the loan.  The first tranche of the loan has been reduced to $800,000 and its repayment date has been extended from November 30, 2007 to February 28, 2008, with full or partial early capital reimbursement at the discretion of the Corporation.  The second tranche of $2.2 million repayment date has been extended from January 31, 2008 to October 31, 2008, with a full or partial early capital reimbursement at the discretion of the Corporation.   

“The newly negotiated terms of the loan provide the Corporation with the time and flexibility to focus on longer-term business plan objectives.  This is a crucial part of our restructuring plan and it demonstrates that we are managing our financial risks” said Michael McLellan, the Corporation’s President and Chief Executive Officer.  “In light of recent circumstances, we are happy to have the support and cooperation of our lender” added Mr. McLellan.  

As part of the agreement, and in exchange for the extended terms of repayment of the loan, the 4,888,889 warrants initially issued to Primatlantis in conjunction with the loan will be amended.  Primatlantis has agreed to forfeit and cancel 1,888,888 warrants, reducing the total number of warrants held by them to 3,000,000.  The exercise price of the warrants will be reduced from $0.18 to $0.10 and the expiry date of the warrants will be extended until October 31, 2009, subject to an accelerated expiry provision whereby, if the closing price of the Corporation’s common shares exceeds $0.24 for ten consecutive trading days (the “Premium Trading Days”), the expiry date of such warrants will be shortened to a period of 30 days following the Premium Trading Days.  The amendment of the warrants is subject to the approval of the TSX Venture Exchange. 

The debt restructuring agreement constitutes a related party transaction under applicable securities regulatory requirements and the Corporation intends to rely on an exemption from the valuation and minority approval requirements available thereunder to issuers in financial difficulty. 

The Board of Directors of the Corporation, including all of its independent directors unanimously made a determination to the effect that Corporation was in serious financial difficulty and therefore could avail itself of an exemption from the valuation and minority approval requirements set out in Regulation Q-27 respecting Protection of Minority Securityholders in the Course of Certain Transactions in connection with the proposed debt restructuring.  Mr. Louis-Robert Lemire, a principal with Primatlantis, and a director of the Corporation, did not vote the on the matter.  The foregoing press release is being issued less than 21 days before the expected effective date of the new terms of the credit facility in order for the Corporation to immediately benefit from the extension of repayment terms set out in the new credit facility. 

ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com 

Rolland Energy is a light crude oil producer based in south-western Manitoba, building shareholder value through growth by combining low-risk drilling and strategic acquisitions. 

ABOUT PRIMATLANTIS CAPITAL L.P. - www.primatlantis.com

Founded in 2005 by Guillaume Dumas, Louis-Robert Lemire and Luc Poirier, Primatlantis Capital L.P. is an innovating asset-based lender specialized in bridge financing. 

For more information, please contact:   

Rolland Energy Inc.

Michael McLellan, (514) 333-9292 

Primatlantis Capital L.P.

Guillaume Dumas, (514) 393-4141 

The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy

of this press release.

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