Flair Petroleum Corporation Completes Audit of Its Financial Statements for Fiscal 2006

Flair Petroleum Corporation reports that the Company has completed its fiscal 2006 annual financial audit. The Company’s audited financial statements can be accessed via our website at: www.flairpetroleum.com. Although the Company is under no obligation as a non-reporting issuer to provide audited financial statements, we have nonetheless made them publicly available when completed to emphasize the fact that the Company strives to operate in the best interests of its shareholders. Further, it is the Company’s intention to become a fully-reporting OTCBB issuer as soon as possible.

This news release includes forward-looking statements that reflect Flair Petroleum Corporation’s current expectations about its future results, performance, prospects and opportunities. Flair Petroleum Corporation has tried to identify these forward-looking statements by using words and phrases such as “may”, “will”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “should”, “typical”, “we are confident” or similar expressions. These forward- looking statements are based on information currently available to Flair Petroleum Corporation and are subject to a number of risks, uncertainties and other factors that could cause the corporation’s actual results, performance, prospects of opportunities in the remainder of 2006 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

Contact:

Contacts: Flair Petroleum Corporation Investor Relations (403) 266-3186

Website: http://www.flairpetroleum.com

Source: Flair Petroleum Corporation