CALGARY, Jan. 15 /CNW/ - Sure Energy Inc. ("Sure Energy" or the "the
Company") (SHR, TSX) is pleased to announce that it has closed the previously
announced acquisition of Argent Energy Inc. ("Argent"). Sure Energy acquired
all the issued and outstanding shares of Argent for approximately $4.8 million
including the assumption of $2.7 million of debt and working capital. Sure
Energy issued approximately 2.2 million common shares to shareholders of
Argent. As a result of this transaction Sure Energy now has 30,767,177 basic
shares outstanding, no debt, positive working capital and an undrawn bank line
of $8.5 million.
Sure Energy's current production following the acquisition of Argent is
approximately 400 BOE/d with 150 BOE/d behind pipe. The Company has 57,875 net
acres of undeveloped land and 390,000 acres under option with Advantage Energy
Trust. Sure Energy's prospect inventory has increased to over 39 drilling
prospects and it has a base of high quality tax pools in excess of
$38 million. Sure Energy's reserves are currently being updated by Sproule
Associates Limited and the Company will be reporting those results later in
the first quarter of 2008.
In this press release the calculation of barrels of oil equivalent (BOE)
is calculated at a conversion rate of 6,000 cubic feet (Mcf) of natural gas
for one barrel (bbl) of oil based on an energy equivalency conversion method.
BOEs may be misleading particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Sure Energy is a public company traded on the Toronto Stock Exchange
under the symbol SHR.
For further information:
For further information: please visit our website at
www.sureenergyinc.com or contact: Mr. Jeff Boyce, President and CEO or Mr.
Lance Wirth, VP Finance and CFO, Phone: (403) 410-3100, Email: