Canetic Resources Trust acquires approximately 96 percent of Titan Exploration Ltd. and announces compulsory acquisition of all
January 11 2008 - 11:17AM
PR Newswire (US)
CALGARY, Jan. 11 /PRNewswire-FirstCall/ -- (CNE.UN - TSX; CNE -
NYSE) Canetic Resources Trust ("Canetic") and (TTN'A - TSX) Titan
Exploration Ltd. ("Titan") are pleased to announce that as of the
expiry of the tender offer at 12:01 a.m. (Calgary time) today
31,539,211 Titan Class A Shares (TTN'A), representing approximately
96.2 percent of the Titan Class A Shares on a fully diluted basis,
had been validly deposited pursuant to the previously announced
offer of Canetic Titan Ltd. (the "Offeror") (a wholly-owned
subsidiary of Canetic) to acquire all of the issued Titan Class A
Shares and Titan Class B Shares, on a fully diluted basis. The
Offeror will take-up all Titan Class A Shares, including Titan
Class A Shares issued upon the conversion of all of the Titan Class
B Shares on December 26, 2007, deposited subsequent to December 31,
2007, in accordance with the previously announced conversion
provisions. As the Offeror has acquired not less than 90 percent of
the outstanding Titan Class A Shares, on a fully diluted basis, the
Offeror intends to acquire all remaining Titan Class A Shares not
tendered to the Offer by way of compulsory acquisition pursuant to
the Business Corporations Act (Alberta). A notice of compulsory
acquisition will be mailed to holders of Titan Class A Shares not
tendered to the Offer. Canetic is one of Canada's largest oil and
gas royalty trusts. Canetic trust units and debentures are listed
on the Toronto Stock Exchange under the symbols CNE.UN, CNE.DB.A,
CNE.DB.B, CNE.DB.C, and CNE.DB.E and the trust units are listed on
the New York Stock Exchange under the symbol CNE. For further
information, please see the website at http://www.canetictrust.com/
or contact Canetic investor relations by email at: or toll free
telephone at 1-877-539-6300. United States Considerations The Offer
was made, and the compulsory acquisition will be made, for the
securities of a Canadian trust. The Offer was, and the compulsory
acquisition will, be subject to Canadian disclosure requirements
that are different from those of the United States. Financial
statements included in the takeover bid circular, or incorporated
by reference therein, as well as financial statements of Canetic,
have been prepared in accordance with Canadian accounting standards
that may not be comparable to the financial statements of United
States companies. It may be difficult for shareholders of Titan in
the U.S. to enforce their rights and any claim they may have
arising under the U.S. federal securities laws, since Canetic is
located in a foreign country, and some or all of its officers (if
any) and trustees and the officers and directors of Canetic
Resources Inc. may be residents of a foreign country. Shareholders
of Titan in the U.S. may not be able to sue a foreign trust or its
officers (if any) or trustees, or the officers or directors of
Canetic Resources Inc., in a foreign court for violations of U.S.
securities laws. It may be difficult to compel a foreign trust and
its affiliates, including its officers (if any) and trustees and
the officers and directors of Canetic Resources Inc. to subject
themselves to a U.S. court's judgment. DATASOURCE: Titan
Exploration Ltd. CONTACT: Investor Relations, (403) 539-6300, Toll
Free - 1-877-539-6300, , http://www.canetictrust.com/
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