May 5, 2008: Consolidated Beacon Resources Ltd., (TSX-V symbol: KBC) (Beacon) held an Extraordinary Meeting on May 2, 2008 at 9:00 am PST at the offices of Miles Davison LLP located at 1600 Bow Valley Square II, 205 - 5th Avenue S.W., Calgary, Alberta. The meeting was called to consider the election of directors, appointment of auditors, approval of the Company's rolling stock option plan, approve the sale of certain oil and gas assets of the Company to California Oil & Gas Corporation, to amend the articles of the Company to consolidate the issued and outstanding common shares on a twenty (20) for one (1) basis and to authorize the renaming of the Company, subject to board of director and TSX Venture Exchange approval, all of which was more fully described in the Management Information Circular dated April 2, 2008.

Beacon wishes to announce that since the directors set forth in the Management Information Circular decided not to put forth their names for re-election, a new board of directors was elected at the meeting comprising the following:

Elected as President and Director: Charles Desjardins of Vancouver, British Columbia

Elected as Director: Michael England of Vancouver, British Columbia

Elected as Director: Archie Boyce of Vancouver, British Columbia

Mr. Desjardins brings more than 20 years of public company experience in the areas of finance and public company management. He is the President and CEO of Tandem Capital Group Inc., which was active in the investor relations field during the mid 1990's. Mr Desjardins was also the past President of Victory Ventures Inc, which began as a mineral exploration company, and subsequently became Global Investment.Com Financial Inc. As President and Director of North American Gem Inc. and Solitaire Minerals Corp. Mr. Desjardins has raised over 12 million dollars over the last 3 years.

"The Company has great development projects, excellent partners and technical people," said Charles Desjardins, President of Consolidated Beacon Resources Ltd., "We feel that the new board and the team behind us, will help Beacon get the market attention and financing to reach its potential exploration and production objectives."

Mr. England has been involved in the public markets since 1983, beginning with CM Oliver & Co., and Richardson Greenshields, later working for RBC Dominion Securities. Since 1995 Mr. England has been involved directly with public companies (including a 3 year stint with Dynamic Oil and Gas, Inc) serving various roles including investor relations, CFO, Directorships and Presidencies. Currently Mr. England is President and CEO of Alix Resources Corp. and Geo Minerals Ltd.

Mr. Boyce bring more than 20 years experience in the Mining and Construction Business, from actual hands on Mining and Construction experience to running successful private businesses for over 15 years. Mr. Boyce has been active in the Corporate Management of North American Gem Inc. and Solitaire Minerals Corp. since 2006.

Beacon further wishes to announce that the following resolutions were listed as matters to be considered at the meeting in the Management Information Circular Did Not Pass. These Failed Resolutions are as follows:

1. the setting of the number of directors of the Corporation to be elected at the Meeting at six (6) directors.

2. the election of directors of the Corporation proposed by management of the Corporation as more fully described in the Management Information Circular; of the Corporation dated 2nd April, 2008 ("Management Information Circular").

3. a special resolution in the form set out in the Management Information Circular, approving of the sale of a certain oil and gas assets of the Corporation located near Bakersfield, to California to California Oil & Gas Corporation, which constitutes a sale of substantially all of the Corporation's present assets, as more fully described in the Management Information Circular.

4. a special resolution in the form set out in the Management Information Circular, approving an amendment to the articles of the Corporation to consolidate the issued and outstanding common shares of the Corporation on a twenty (20) for one (1) basis, as more fully described in the Management Information Circular.

5. a special resolution in the form set out in the Management Information Circular, approving an amendment to the articles of the Corporation authorizing the renaming of the Corporation, subject to board of director and TSX Venture Exchange approval and as more fully described in the Management Information Circular.

Consolidated Beacon Resources Ltd. would like to announce that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants and employees to purchase 2.5 million common shares in the capital stock of the company, exercisable for a period of two years, at a price of 5 cents per share. These options are subject to a four-month hold period.

About Consolidated Beacon Resource Ltd.

Based in Calgary, Alberta, Consolidated Beacon Resource Ltd. is in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States. The Company's shares trade on the TSX Venture Exchange under the symbol KBC.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This release may contain or be deemed to contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual events or results. Readers are referred to the most recent documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

FOR FURTHER INFORMATION ABOUT THE COMPANY, PLEASE CONTACT:

Consolidated Beacon Resources Ltd.

Richard J. Hawes, P. Geol. Email: [email protected]

Telephone: (403) 221-8392 or visit the Company's website at http://www.consolidated-beacon.com