Maskal Energy Ltd. Announces Shareholder Approval of the Sale of Substantially All Assets and the Resignation of Directors

NEWS RELEASE

For Immediate Release January 26, 2010

Trading Symbol: MMK

MASKAL ENERGY LTD. ANNOUNCES SHAREHOLDER APPROVAL OF THE SALE OF SUBSTANTIALLY ALL ASSETS AND THE RESIGNATION OF DIRECTORS

Calgary, Alberta - January 26, 2010 – On January 20, 2010 Maskal Energy Ltd. ("Maskal" or the "Corporation"), announced an adjournment of the annual and special shareholder meeting until January 26, 2010, with respect to the special resolution on the sale of substantially all of the assets of the Corporation.

Maskal wishes to announce that at today’s continuation of the annual and special shareholder meeting shareholders approved the special resolution on the sale of substantially all of the assets of the Corporation. The asset sale is subject to the completion and execution of closing documents and final approval by the TSX Venture Exchange ("TSX-V"). After final approval is granted by the TSX-V, Maskal will have its listing transferred to NEX.

Maskal would also like to announce that Daryl Fridhandler and Kent Breedlove resigned from the board of directors on January 25, 2010. The current directors of the Corporation are Burkhard Franz, Savi Franz and Lorraine McVean.

Maskal is currently formulating a business plan to recapitalize and shall continue to actively pursue other opportunities to maximize shareholder value.

For further information please contact:

Burkhard Franz, Chairman

Suite 205B 478 Bernard Avenue Kelowna B.C.

Canada V1Y 6N7

Tel: (250) 712-2213 Fax: (250) 712-2215

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)

accepts responsibility for the adequacy or accuracy of this release.