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Marauder Resources East Coast Inc.: News Release
08:00 EDT Thursday, October 04, 2007
CALGARY, ALBERTA--(Marketwire - Oct. 4, 2007) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Marauder Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder" or "the Company") has a 50% interest in PL 2901, located offshore Nova Scotia, which includes deep natural gas rights that are being proposed as part of EnCana Corporation's ("EnCana") Deep Panuke Offshore Development ("Deep Panuke"). Marauder has been in discussion with EnCana and the other shareholders of Deep Panuke as to their involvement and ultimate working interest in the project.
Marauder today announced a proposed corporate reorganization by way of Plan of Arrangement whereby:
(a) Maruader will sell its deep natural gas interests in PL 2901 to Baccaro Energy Ltd. ("Baccaro"), a wholly owned subsidiary, for approximately $12 million in cash and shares, plus the assumption of obligations. It is anticipated that these natural gas interests will become a 3.69% unit interest in Deep Panuke;
(b) Coincident with the proposed reorganization, Marauder has executed a Letter of Intent to acquire the 51% interest of ExxonMobil Canada Properties ("ExxonMobil") and the 24.5% interest of Shell Canada Energy ("Shell") in SDL 2255H. Such potential interests are anticipated by Marauder to become a 17.94% unit interest in Deep Panuke.
(c) Marauder intends to assign its rights under the Letter of Intent to Baccaro in order for Baccaro to negotiate a formal purchase and sale agreement with ExxonMobil and Shell.
The acquisitions are subject to financing and Scotia Capital Inc. has been engaged by Baccaro to lead an offering of Special Warrants. Further details of the financing will be forthcoming.
Upon closing the acquisitions and financing, Baccaro will be a separate company, independent of Marauder, with assets that are anticipated to become a 21.63% unit interest in Deep Panuke. The Deep Panuke project is located 250 km offshore, Nova Scotia, and is scheduled to go on production in the fourth quarter of 2010 at 300 MMSCFD. EnCana, the operator of the field, filed the Development Plan Application for the Deep Panuke field in November 2006 and is in the process of finalizing field unitization. The estimated P50 to P10 gross sales gas volumes for the project range from 618 to 892 BCF.
Pursuant to the proposed Plan of Arrangement, Marauder shareholders may elect to reduce their shareholdings in the Company and receive shares of Baccaro. Marauder will retain a minimum of approximately $9 million (net of transaction costs) in order to pursue its other business interests.
Marauder continues to actively pursue new business interests in North Africa which Marauder has been investigating for approximately 18 months.
Certain of the management and directors of Marauder will continue as officers and directors of Baccaro as well as Marauder, which may result in the proposed transaction being a 'related party transaction' pursuant to securities regulations and the proposed transaction will be subject to shareholder and regulatory approvals as well as financing.
ADVISORY: This press release may contain forward-looking statements including management's assessment of future plans and operations and expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this press release are made as of the date hereof and BNP undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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