/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, May 7 /CNW/ - Benchmark Energy Corp. (TSXV: BEE) ("Benchmark" or
the "Company") announced that it has cancelled its annual and special meeting
scheduled for May 14, 2009 pursuant to which holders of Benchmark common
shares ("Benchmark Shares") were to consider and, if deemed advisable,
approve, the previously announced transaction (the "Transaction") with
Delavaco Energy Inc. ("Delavaco").
Benchmark further wishes to advise that the agreement between Benchmark
and Delavaco relating to the Transaction has not been terminated and the
parties continue to work towards completing the Transaction. Completion of the
Transaction had been delayed to provide the auditors of Delavaco with
sufficient time to finalize the December 31, 2008 financial statements of
Delavaco to be included in the information circular relating to the respective
meetings of Benchmark and Delavaco to be held to approve the Transaction,
among other things. The Company is now in possession of Delavaco's financial
statements, and is preparing the appropriate proforma financial statements to
be inserted in the information circular and submitted to the TSXV for its
approval. Further information with respect to a new meeting date will be
provided in a subsequent press release.
Trading of the Benchmark Shares has been halted by the TSXV and the
Benchmark Shares will remain halted in accordance with TSXV policies until all
required documentation with respect to the Transaction has been received.
About Benchmark Energy Corp.
Benchmark is a development stage junior oil and gas company focused
internationally which holds the preferential right in Colombia, Peru, Ecuador
and Trinidad for the use of a proprietary well-performance enhancement
technology, which may have some application within the interests in Colombia
being acquired through the Delavaco transaction.
Certain information set forth in this press release, including
management's assessment of future plans and operations, contains
forward-looking statements. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" and similar expressions are intended to identify forward-looking
statements. By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond management's
control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve or resource estimates, environmental risks, competition from other
industry participants, the lack of availability of qualified personnel or
management, stock market volatility, the ability to access sufficient capital
from internal and external sources, and unexpected transportation or other
issues, such as guerrilla activity that has occurred sporadically in Colombia.
Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. Actual results, performance or achievement could
differ materially from those expressed in, or implied by, these
forward-looking statements. No assurance can be given that any of the events
anticipated will transpire or occur, or if any of them do so, what benefits
will derive from them. Benchmark disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Completion of the Transaction is subject to a number of conditions,
including TSXV acceptance and disinterested Benchmark Shareholder approval.
The Transaction cannot close until the required Benchmark Shareholder approval
is obtained. There can be no assurance that the Transaction will be completed
as proposed or at all.
Investors are cautioned that, except as disclosed in the Management
Information Circular to be prepared in connection with the transaction, any
information released or received with respect to the Transaction may not be
accurate or complete and should not be relied upon. Trading in the securities
of Benchmark should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Wellington West, subject to completion of satisfactory due diligence, has
agreed to act as sponsor to Benchmark in connection with the Transaction. An
agreement to sponsor should not be construed as any assurance with respect to
the merits of the Transaction or the likelihood of completion.
For further information:
For further information: Benchmark Energy, David Robinson, Chairman &
CEO, (403) 802-0770