CALGARY, June 26 /CNW/ - On June 26, 2008, Progress Energy Ltd.
("Progress") acquired control of 8,300,000 Class A common shares of Seaview
Energy Inc. ("Seaview"). As a result, Progress together with affiliates,
insiders and associates will control an aggregate of 8,300,000 Class A common
shares of Seaview or 21.7% of the outstanding Class A common shares of
The Class A common shares were issued as consideration for the
acquisition by Seaview from Progress of some light oil and natural gas assets
in southeastern Saskatchewan (the "Assets") pursuant to a purchase and sale
agreement dated May 23, 2008. The consideration for the Assets was comprised
of $5,400,000 in cash and the issuance from treasury of 8,300,000 Class A
common shares at a price of $2.25 per Class A common share.
Progress and its affiliates, insiders and associates may, from time to
time, as market opportunities exist or develop, increase or decrease their
beneficial ownership, or control and direction over, Seaview's Class A common
shares as permitted by securities law. Progress may in the future take such
actions in respect of its holdings as it may deem appropriate in light of the
circumstances then existing, including the purchase of additional Class A
common shares or other securities of Seaview through open market purchases or
privately negotiated transactions, in accordance with applicable securities
legislation, or the sale of all or a portion of its holdings in the open
market or in privately negotiated transactions to one or more purchasers, in
accordance with applicable securities legislation. The Seaview Shares issued
pursuant to the Acquisition are subject to a four month hold period from the
date of closing.
Progress received the Class A common shares pursuant to the "asset
acquisition" exemption in National Instrument 45-106 Prospectus and
Registration Exemptions, as the Class A common shares were issued as
consideration for the Assets and the Assets had a fair market value of not
less than $150,000.
The issuance of this news release is not an admission that an entity
named in this news release owns or controls any described securities or is a
joint actor with another named entity.
For further information:
For further information: or to obtain a copy of the Early Warning Report
related to the above transaction please contact: Mr. Michael Culbert,
President & Chief Executive Officer, Phone: (403) 539-1820, Progress Energy
Ltd., 1200, 205 -5th Avenue S.W., Calgary, Alberta, T2P 2V7; Mr. Greg Kist,
Vice President, Investor Relations & Marketing, Phone: (403) 539-1809, Toll
Free: 1-866-216-2510, Fax: (403) 216-2514, Email email@example.com, Web: