CALGARY, Sept. 30 /CNW/ - TriStar Oil & Gas Ltd. (TSX:TOG) and Petrobank Energy and Resources Ltd. (TSX:PBG) are pleased to announce that the shareholders of TriStar have today voted to approve the previously announced plan of arrangement (the "Arrangement") which provides for the formation of a new publicly listed oil and gas exploration and development company, PetroBakken Energy Ltd. ("PetroBakken"), and the acquisition of all of the outstanding common shares of TriStar by PetroBakken. The Arrangement was approved by 99.97% of the TriStar 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 2:30 (Calgary time) on September 30, 2009. Assuming the final approval is obtained, the Arrangement is anticipated to close on October 1, 2009.
Forward-Looking Statements. 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 Petrobank or TriStar 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 Petrobank nor TriStar 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.
SOURCE TriStar Oil & Gas Ltd.
For further information: For further information: Brett Herman, President & Chief Executive Officer, TriStar Oil & Gas Ltd., (403) 268-7800; or Jason Zabinsky, Vice President, Finance & Chief Financial Officer, TriStar Oil & Gas Ltd., (403) 268-7800; or Petrobank Energy and Resources Ltd., John D. Wright, President and CEO, (403) 750-4400; or Petrobank Energy and Resources Ltd., Corey C. Ruttan, Senior Vice President and CFO, (403) 750-4400; or Petrobank Energy and Resources Ltd., R. Gregg Smith, Senior Vice President and COO, Canada, (403) 750-4400, Email: email@example.com, Website: www.petrobank.com