CALGARY, Aug. 13 /CNW/ - Pegasus Oil & Gas Inc. ("Pegasus") (TSXV - POG.A
& POG.B) announced today that Harvest Energy Trust ("Harvest"), through its
indirect wholly owned subsidiary, Harvest Pegasus Inc. ("HPI"), has acquired
approximately 93.5% of the issued and outstanding class A shares (the "Pegasus
Class A Shares") of Pegasus in exchange for 0.015 units ("Units") of Harvest
for each Pegasus Class A Share and approximately 90.6% of the issued and
outstanding class B shares (the "Pegasus Class B Shares" together with the
Pegasus Class A Shares, the "Pegasus Shares") of Pegasus in exchange for 0.15
Units for each Pegasus Class B Share pursuant to its Offer to Purchase dated
June 23, 2009 and the accompanying Circular, as extended by a Notice of
Variation dated July 31, 2009.
A total of 32,321,111 Pegasus Class A Shares and 917,464 Pegasus Class B
Shares were deposited to the offer as of the expiry time, being 5:00 p.m.
(Calgary time) on August 11, 2009. All conditions of the offer have now been
satisfied and HPI has given instructions to the depositary to take up all of
the Pegasus Shares deposited to the offer and will pay for such shares in
accordance with applicable securities laws and the acquisition agreement
between Harvest, HPI and Pegasus.
HPI intends to acquire all of the remaining Pegasus Shares not deposited
under the offer pursuant to the compulsory acquisition provisions of the
Business Corporations Act (Alberta) and to de-list the Pegasus Shares from the
TSX Venture Exchange as soon as reasonably practicable.
Effective August 12, 2009, all of the directors and officers of Pegasus
have resigned and have been replaced with the nominees of Harvest.
Pegasus is a Calgary-based junior oil and natural gas producer with a
focused production base in central Alberta, northwest Alberta and northeast
Neither 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.
For further information:
For further information: John Zahary, President and Chief Executive
Officer, Robert Fotheringham, Chief Financial Officer, Phone: (403) 265-1178