Longreach Oil and Gas closes qualifying transaction and concurrent private placement

On September 24, 2010, Longreach Oil and Gas Limited (NEX: CMN.H) (formerly Chairman Capital Corp., "Longreach" or the "Company") announced that it had closed its qualifying transaction (the "Transaction"). As a result of the Transaction, Longreach has, among other things, acquired Longreach Oil and Gas Ventures Limited ("Ventures").

The Company expects that its shares will commence trading on the TSX Venture Exchange during the week of September 27, 2010 under the symbol "LOI".

As part of and prior to the closing of the Transaction, Ventures completed a concurrent private placement of 1,166,759 "Units" at a price of $3.00 per Unit for proceeds of $3,500,277. Each Unit consists of one common share of Ventures and one-half of one Ventures common share purchase warrant.

Longreach was advised in both the qualifying transaction and the private placement by Fasken Martineau with a team led by Georges Dubé and that included Martin Fisher-Haydis, Jessica Catton and Francesco Tallarico, assisted by student-at-law Dev Singh.