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CALGARY, March 29 /CNW/ - Result Energy Inc. (TSXV:RTE) and PetroBakken Energy Ltd. (TSX:PBN) are pleased to announce that the shareholders of Result have today voted to approve the previously announced plan of arrangement (the "Arrangement") which provides for the acquisition of all of the outstanding common shares of Result by PetroBakken. The Arrangement was approved by 99.43% of the Result shares voted at the Meeting.
The completion of the Arrangement requires the final approval of the Court of Queen's Bench of Alberta. A hearing before the Court of Queen's Bench to obtain final approval is scheduled for 2:00 (Calgary time) on March 31, 2010. Assuming the final approval is obtained, the Arrangement is anticipated to close on April 1, 2010.
Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to the Arrangement and the timing of completion of the Arrangement. The reader is cautioned that the forward looking statements herein are based on certain assumptions regarding the ability of the parties to obtain final court approval for the Arrangement and satisfy other conditions to the completion of the Arrangement and the timing for obtaining such approval and satisfying such conditions. These assumptions, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to, final court approval to the Arrangement not being received or other conditions to the Arrangement not being satisfied on currently anticipated timelines, or at all. There is no representation by PetroBakken or Result that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, neither PetroBakken nor Result assumes any obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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.
SOURCE RESULT ENERGY INC.
For further information: For further information: Result Energy Ltd., Brett Herman, President & CEO, Jason Zabinsky, Vice-President & CFO, Telephone: (403) 777-0007; PetroBakken Energy Ltd., John D. Wright, Chairman of the Board and Chief Executive Officer, R. Gregg Smith, President & Chief Operating Officer, Corey C. Ruttan, Executive Vice-President and Chief Financial Officer and Director, Peter D. Scott, Vice-President, Finance, Bill A. Kanters, Vice-President Business Development and Corporate Planning, Telephone: (403) 750-4400, Email: firstname.lastname@example.org, Website: www.petrobakken.com