CALGARY, Aug. 17 /CNW/ - Sure Energy Inc. ("Sure Energy" or the
"Company") (SHR, TSX) is pleased to announce that it has closed the previously
announced acquisition of Conifer Exploration Ltd. ("Conifer"). Sure Energy has
acquired all the issued and outstanding shares of Conifer for a total
consideration of $8.8 million paid in cash and Sure Energy common shares.
The corporate acquisition increases the Company's production to over 800
BOE/d, undeveloped lands to 79,100 net acres, and a total prospect inventory
to over 96 drilling locations. As important, the corporate acquisition
strengthens Sure Energy's position in the emerging conventional light oil
resource play in the Redwater area of Alberta with over 15 low risk
development step out wells.
At closing Sure Energy has 46,873,963 basic shares outstanding and a
working capital deficit of $2.9 million on an $11.5 million credit facility
and a tax pool base of over $60 million.
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, Vice President Finance and CFO, Phone: (403) 410-3100, Email: