GEOCAN Energy Inc. announces acquisition of Columbus Exploration Ltd.
Thursday July 6, 9:09 pm ET
CALGARY, July 6 /CNW/ - GEOCAN Energy Inc. ("GEOCAN") is pleased to announce that approximately 95.09% of the issued and outstanding common shares ("Columbus Shares") of Columbus Exploration Ltd. ("Columbus") have been tendered to GEOCAN's previously announced offer to acquire all of the Columbus Shares (the "Offer"). The Offer expired at 3:00 p.m. (Calgary time) on July 6, 2006 and GEOCAN has given instructions to the depositary under the Offer to take up all of the Columbus Shares deposited to the Offer, with payment anticipated to be made on July 10, 2006 on the basis of, at the election of each shareholder of Columbus, $1.16 in cash or 0.5859 of a Class "A" common share in the capital of GEOCAN ("GEOCAN Share") or a combination of $0.992 in cash and 0.0848 of a GEOCAN Share subject to the limits set forth in the Offer. Of the Columbus Shares tendered, 11,885,678 were tendered for cash and 1,166,666 were tendered for a combination of cash and GEOCAN Shares. GEOCAN also intends to acquire all remaining Columbus Shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).
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GEOCAN is an oil and gas company with operations in British Columbia, Alberta and Saskatchewan. The focus of GEOCAN's current growth strategy is exploration and development while pursuing accretive acquisitions that create value for its shareholders. Fiscal discipline, operational control and a balanced risk profile are key components of this strategy.
Advisory Regarding Forward-Looking Statements
