Ryland Oil Provides Update on Proposed Arrangement With Crescent Point Energy Corp.
2010年7月26日 - 9:00PM
Marketwired
Ryland Oil Corporation ("Ryland") (TSX VENTURE: RYD) is pleased to
announce that the Court of Queen's Bench of Alberta has granted an
interim order with respect to Ryland's proposed plan of arrangement
("Arrangement") with Crescent Point Energy Corp. ("Crescent Point")
pursuant to which Crescent Point proposes to acquire all of the
issued and outstanding shares of Ryland in exchange for Crescent
Point shares.
An annual and special meeting (the "Meeting") of the holders of
Ryland common shares will be held in Calgary, Alberta on Thursday,
August 19, 2010. At the Meeting, Ryland shareholders will be asked
to approve the proposed Arrangement with Crescent Point, the
details of which are set forth in Ryland's management information
circular and proxy statement dated July 22, 2010 ("Circular") which
has been mailed to shareholders and can be found under Ryland's
profile on SEDAR at www.sedar.com.
Completion of the Arrangement is subject to the approval of 66
2/3% of the votes cast by Ryland shareholders present in person or
represented by proxy at the Meeting. Completion of the Arrangement
is also subject to the final approval of the Court of Queen's Bench
of Alberta (the "Court"). The application for a final order of the
Court has been scheduled for August 20, 2010. It is also a
condition of completion of the Arrangement that the Toronto Stock
Exchange shall have approved the listing of the Crescent Point
Shares issuable to Ryland's shareholders as consideration for the
Ryland common shares. Assuming all conditions are satisfied, it is
expected that the Arrangement will be completed on or about August
20, 2010.
Ryland's directors and senior management have unanimously
approved the Arrangement and have entered into support agreements
under which they have agreed to vote their Ryland common shares in
favour of the Arrangement.
RYLAND OIL CORPORATION
Gerald J. Shields, President
Reader Advisory
Investors are cautioned that, except as disclosed in the
Circular, any information released or received with respect to the
Arrangement may not be accurate or complete and should not be
relied upon. Trading in the securities of Ryland should be
considered highly speculative.
Certain statements contained in this press release constitute
forward-looking statements. All forward-looking statements are
based on Ryland's beliefs and assumptions based on information
available at the time the assumption was made. The use of any of
the words "could", "should", "can", "anticipate", "expect",
"believe", "will", "may", "projected", "sustain", "continues",
"strategy", "potential", "projects", "grow", "take advantage",
"estimate", "well positioned" and similar expressions are intended
to identify forward-looking statements. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Ryland believes that the expectations
reflected in those forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this report
should not be unduly relied upon. These statements speak only as of
the date of this press release or, if applicable, as of the date
specified in those documents specifically referenced herein.
In particular, this press release contains forward-looking
statements pertaining to the following: timing and completion of
the Arrangement, the proposed Meeting; receipt of all necessary
Court, shareholder, regulatory and third party approvals and the
approval of the Toronto Stock Exchange.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors (many of which are beyond the control of Ryland) that could
cause actual events or results to differ materially from those
anticipated in the forward-looking information. Some of the risks
and other factors could cause results to differ materially from
those expressed in the forward-looking information include, but are
not limited to: general economic conditions in Canada, the United
States and globally, the risks associated with the oil and gas
industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to: operational
risks in exploration, development and production; delays or changes
in plans; competition for and/or inability to retain drilling rigs
and other services; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands, skilled personnel and
supplies; risks associated to the uncertainty of reserve estimates;
governmental regulation of the oil and gas industry, including
environmental regulation; geological, technical, drilling and
processing problems and other difficulties in producing reserves;
the uncertainty of estimates and projections of production, costs
and expenses; unanticipated operating events or performance which
can reduce production or cause production to be shut in or delayed;
incorrect assessments of the value of acquisitions; the need to
obtain required approvals from regulatory authorities; stock market
volatility; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; access to
capital; and other factors. Readers are cautioned that this list of
risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed herein or otherwise and Ryland undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless required to do so pursuant to applicable law.
This news release is not for dissemination in the United States
or to any United States news services. The shares of Crescent Point
have not and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold in the
United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities
Act and applicable state securities laws.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction and has neither approved nor disapproved
the contents of this press release.
Issued and Outstanding: 201,673,418
Neither the 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.
Contacts: Ryland Oil Corporation Mr. Jim Welykochy
Vice-President Corporate Development 403.861.1242
www.rylandoil.com
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