CALGARY, Dec. 17 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the Company") (TSX; WIX) today announced that Yorktown Energy Partners III, L.P of New York, NY ,USA. has advised Winstar that it intends to distribute an aggregate of 6,423,135 Winstar common shares (approximately 18.8% of the total issued and outstanding) to its general and limited partners, effective December 22, 2009 in accordance with the terms of its partnership agreement. The Winstar common shares are being distributed for no consideration in connection with the winding-up of Yorktown Energy Partners III, L.P. After the distribution, Yorktown Energy Partners III, L.P. will not hold any shares of Winstar; however, Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners VI, L.P. will continue to hold an aggregate of 9,432,251 common shares in the capital of Winstar (approximately 27.6% of the total issued and outstanding).
Yorktown Energy Partners III, LP will be filing a report under National Instrument 62-103 of the Canadian Securities Administrators in connection with the foregoing. For further information and to obtain a copy of such report please contact Mr. Robert Signorino at (212) 515-2100. Yorktown Partners, LLC 19th Floor 410 Park Avenue, New York, NY 10022-4407.
Winstar Resources Ltd. is a Calgary-based junior oil and gas Company, which explores for, develop, produce and sell crude oil, natural gas liquids and natural gas in Tunisia, Hungary and Romania. Winstar's common shares trade on the Toronto Stock Exchange under the symbol WIX.
SOURCE Winstar Resources Ltd.
For further information: For further information: Winstar Resources Ltd., Mr. David Monachello, President, (403) 513-4200, Email: email@example.com; Winstar Resources Ltd., Mr. Charles de Mestral, Chief Executive Officer, Toll-free (Canada and USA): 1-800-875-1217, or +41 22 949 10 40, (Note: Mr. de Mestral is based in Europe, in a time zone eight hours ahead of Calgary time), Email: firstname.lastname@example.org