/NOT FOR DISSEMINATION IN THE US OR THROUGH US WIRE SERVICES/
CALGARY, April 2 /CNW/ - (TSX-PXE) - ProEx Energy Ltd. ("ProEx" or the
"Company") today announced that it has successfully closed the previously
announced acquisition from Progress Energy Trust of certain interests in
assets located in the northeast British Columbia Foothills (the
"Acquisition"). ProEx financed the Acquisition with a $100.2 million bought
deal Subscription Receipt financing, which closed on March 27, 2007, as well
as through available credit facilities.
Production from the acquired assets is approximately 2,200 barrels of oil
equivalent (boe) per day comprising 95 percent natural gas. The Acquisition
adds approximately 6.6 million boe of proved plus probable reserves,
approximately 80,000 net acres of land and substantial seismic data. The
assets are contiguous with ProEx's current producing properties in the
Foothills of northeast British Columbia.
Under the bought deal financing, which closed on March 27, 2007, ProEx
issued 8,050,000 Subscription Receipts at $12.45 per Subscription Receipt for
gross proceeds of $100.2 million. Holders of Subscription Receipts will
receive one common share for each Subscription Receipt held, effective at
5:00 p.m. (Calgary time), April 2, 2007.
This News Release is not an offer to sell or a solicitation of offers to
buy the Subscription Receipts in the United States. The Subscription Receipts
have not been and will not be registered under the United States Securities
Act and may not be offered or sold in the United States except in transactions
exempt from such registration.
ProEx is a Calgary based junior oil and natural gas company with
operations focused in northeast British Columbia. Common shares of ProEx are
listed on the Toronto Stock Exchange under the symbol PXE.
Forward Looking Statements - Certain information regarding ProEx Energy
Ltd. set forth in this document, including management's assessment of ProEx
Energy Ltd.'s future plans and operations, contains forward-looking statements
that involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond ProEx Energy Ltd.'s control, including the impact
of general economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental
risks, competition from other producers, the lack of availability of qualified
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources. ProEx Energy Ltd.'s
actual results, performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits that ProEx Energy Ltd. will derive therefrom.
For further information:
For further information: Mr. David Johnson, President & CEO, Mr. Steven
Allaire, Vice President Finance & CFO, ProEx Energy Ltd., 1200, 205 -5th
Avenue S.W., Calgary, Alberta, T2P 4B9, Phone: (403) 216-2510, Fax: (403)
216-2514, Email: email@example.com