/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
CALGARY,
Jan. 20, 2014 /CNW/ - Novus Energy
Inc. ("Novus" or the "Company") (TSXV: NVS) is
pleased to announce that the previously announced acquisition of
the Company by Yanchang Petroleum International Limited
("Yanchang Petroleum International") through its indirect
wholly-owned subsidiary, Yanchang International (Canada) Limited, pursuant to a plan of
arrangement under the Business Corporations Act
(Alberta) (the
"Arrangement") has been completed. Pursuant to the
Arrangement, Novus shareholders will receive C$1.18 in cash per common share of Novus.
Mr. Hugh G. Ross,
President and Chief Executive Officer of Novus, stated "The Novus
team is excited about our future with Yanchang Petroleum
International and I would like to personally extend my sincere
thanks to our board members and staff for their dedication, hard
work and contribution which has made the completion of the
Arrangement possible".
Cormark Securities Inc., as lead, and
FirstEnergy Capital Corp. acted as financial advisors to Novus in
the transaction. GMP Securities L.P. acted as special advisor to
the Special Committee of the Novus board of directors, and
Canaccord Genuity Corp. and Haywood Securities Inc. acted as
strategic advisors to Novus. Blake, Cassels & Graydon LLP acted
as legal counsel to Novus.
With the completion of the Arrangement, the
common shares of Novus are expected to be de-listed from the TSX
Venture Exchange in a few trading days.
About Yanchang Petroleum International
Limited
Yanchang Petroleum International is a
Hong Kong listed public company
(Hong Kong Stock Code: 00346) and is principally engaged in the
exploration, exploitation and operation of oil and gas fields and
refined oil wholesale and retail businesses. In the first half of
2013, Yanchang Petroleum International achieved its operating
target of sales volumes of over 900,000 tons of oil products and
sales revenue of over HK$8 billion
(approximately US$1 billion) for its
oil product operation in China.
For details, please refer to www.yanchangpetroleum.com.
Shaanxi Yanchang Petroleum (Group) Co. Limited
("Yanchang Petroleum Group"), the fourth largest oil
producer in China with more than
100 years of history, is the largest shareholder of Yanchang
Petroleum International and also controls the board of Yanchang
Petroleum International. In 2012, Yanchang Petroleum Group achieved
annual revenue of RMB 162 billion
(approximately US$25 billion) and is
the largest enterprise in Shaanxi
province in terms of annual revenue. Yanchang Petroleum Group
is principally engaged in oil and gas exploration, exploitation,
processing, pipeline transportation and sales of oil and gas;
chemical engineering of oil, gas and coal, machinery manufacturing,
project construction and oil and gas research and development.
Yanchang Petroleum Group owns the right for exploration,
exploitation and operation of oil and natural gas resources and has
refining facilities in China, and
owns oil and natural gas resource assets in China and abroad. Yanchang Petroleum Group,
CNPC, Sinopec and CNOOC are the largest four enterprises in
China which own and have the right
to explore oil and gas resources in China, and Yanchang Petroleum Group is the
sole petroleum enterprise with more than 100 years of
history. Based on the Fortune 500 listing issued in 2013,
Yanchang Petroleum Group ranks No. 464 amongst the top 500
companies in the world and No. 183 in terms of earnings. For
details, please refer to www.sxycpc.com.
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.
This news release will not constitute an
offer to sell or the solicitation of an offer to buy the securities
in any jurisdiction. Such securities have not been registered under
the United States Securities Act
of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent
registration, or an applicable exemption therefrom.
Advisory Regarding Forward-Looking
Statements
Certain disclosures set forth in this press
release constitute forward-looking statements. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as
"anticipate", "believes", "budget", "continue", "could",
"estimate", "forecast", "intends", "may", "plan", "predicts",
"projects", "should", "will" and other similar expressions. More
particularly and without limitation, this press release contains
forward-looking statements concerning the de-listing of common
shares of Novus from the TSX Venture Exchange.
In respect of the forward-looking statements and
information concerning the anticipated de-listing of common shares
of Novus from the TSX Venture Exchange, Novus has provided such in
reliance on certain assumptions that it believes are reasonable at
this time, including assumptions as to the time necessary and the
ability of Novus to complete the de-listing of its common shares
from the TSX Venture Exchange. The date for de-listing of common
shares of Novus from the TSX Venture Exchange may change.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this press
release concerning this time or the date of de-listing.
The forward-looking statements and information
contained in this press release are made as of the date hereof and
Novus undertakes no obligation 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.
SOURCE Novus Energy Inc.