Pinecrest Energy Inc. Announces Receipt of Offer by Spartan Oil Corp.
December 10 2012 - 6:30AM
PR Newswire (Canada)
Pinecrest Energy Inc. Announces Receipt of Offer by Spartan Oil
Corp.
CALGARY, Dec. 10, 2012 /CNW/ - Pinecrest Energy Inc.
(TSX-V: PRY) ("Pinecrest") announces it has been informed by
Spartan Oil Corp. ("Spartan") that Spartan has received an
unsolicited offer from a third-party to acquire all of the issued
and outstanding common shares of Spartan. Pinecrest remains
committed to completing the plan of arrangement (the
"Arrangement") contemplated by the arrangement agreement
between Pinecrest and Spartan dated November
20, 2012 (the "Arrangement Agreement")
providing for the combination of Pinecrest and Spartan.
The Pinecrest Board of Directors has unanimously
(other than directors who are not eligible to vote on such matters
in accordance with the provisions of the Business Corporations
Act (Alberta)) determined that
the Arrangement is in the best interests of Pinecrest and the
shareholders of Pinecrest, approved the Arrangement and the
entering into of the Arrangement Agreement and resolved to
recommend that shareholders of Pinecrest vote in favour of the
Arrangement.
About Pinecrest
Pinecrest is engaged in the acquisition and
exploration for and development and production of oil and natural
gas in Western Canada.
Pinecrest has a significant position in the emerging, light oil
Slave Point carbonate resource play focused in the greater
Red Earth area of north-central
Alberta. The common shares
of Pinecrest are listed on the TSXV under the symbol "PRY".
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.
SOURCE Pinecrest Energy Inc.
Copyright 2012 Canada NewsWire
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