/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
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
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
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
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
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.
For further information:
NOVUS ENERGY INC.
Hugh G. Ross
President and CEO
Chief Financial Officer
VP Business Development