CALGARY, April 18 /CNW/ - UNX Energy Corporation ("UNX") today announced
that two leading independent proxy firms, ISS Proxy Advisory Services
("ISS") and Glass Lewis & Co. ("Glass Lewis"), have both recommended
UNX shareholders approve the proposed Plan of Arrangement with HRT
Participações em Petróleo S.A. ("HRT") at the Special Meeting of
Security holders on April 27, 2011.
Glass Lewis summarized in its report, "The combination offers
shareholders a substantial equity premium and the opportunity to
participate in the enlarged company." ISS and Glass Lewis are leading
providers of proxy research and voting recommendations to institutional
investors in Canada and the United States.
"We are pleased that ISS and Glass Lewis are recommending that security
holders vote 'FOR' the arrangement, as it is consistent with the
unanimous recommendation of our Board of Directors and management,"
said Mr. Duane Parnham, Chairman of UNX. "In addition, several board
members and management have agreed to a voluntary lock-up on our shares
to demonstrate our firm support for this transaction and the great
prospects for growth of the fully capitalized combined company."
Security holders are encouraged to follow the recommendations by
submitting their vote prior to the April 25, 2011 proxy vote deadline.
Security holders who have questions or require assistance voting their
shares should contact the Company's proxy solicitor:
Laurel Hill Advisory Group
North American toll-free at 1-877-304-0211
About UNX Energy Corp.
UNX Energy Corp. is a junior, independent oil and gas company, focused
on exploration for crude oil in offshore Namibia, Africa. Headquartered
in Calgary, Alberta, Canada, UNX's asset base consists of approximately
51,000 square kilometers (approximately 32,000 net) of offshore
acreage, strategically located along the prolific South Atlantic
Margin. Development of these highly prospective blocks is being
advanced by an experienced management team, qualified technical staff
and strong in-country relationships. UNX employs strategic technical
expertise to optimize the probability of exploration success in the
region. UNX is committed to conducting its business in a socially and
environmentally responsible manner, ultimately working towards the goal
of sustainable development in Namibia's oil and gas sector for the
benefit of all stakeholders.
About HRT Participações em Petróleo S.A.
HRT Participações em Petróleo S.A. is one of the largest independent oil
and gas exploration and production companies in Brazil. The HRT Group
comprises three main subsidiaries: HRT O&G Exploração e Produção de
Petróleo Ltda., IPEX (Integrated Petroleum Expertise Company Serviços
em Petróleo Ltda.) and HRT Netherlands B.V. The Company retains a 55%
interest in 21 exploratory blocks in the Solimões Basin. HRT also
operates five exploratory blocks on the Namibian coast. The Company
retains a 100% interest in two of them, in the Walvis Sub-basin, and a
40% interest in the other three, in the Orange Subbasin. HRT's team
includes PhDs and masters in geochemistry, geophysics, biology and
engineering, most of them former employees of Petrobras and ANP
(Brazil's petroleum agency). HRT is committed to minimizing any
possible environmental impacts in the sites where it acts. Its
commitment with the local communities is towards health conditions,
security and quality of life. For more information, please visit the
Company's website: www.hrt.com.br/ir
About ISS Proxy Advisory Services
ISS is the leading provider of corporate governance solutions to the
global financial community. ISS is a subsidiary of MSCI Inc., a leading provider of investment decision support tools to investors
About Glass Lewis & Co.
Glass Lewis & Co. is a Leading independent governance analysis and proxy
voting firm assisting institutions globally that have investment,
financial or reputational exposure to public companies.
On Behalf of the Board of Directors
of UNX Energy Corp.
For further information visit our website at www.unxenergy.com
Sedar Profile #00016276
Forward Looking Information
This document contains forward-looking information and statements. All
information and statements other than statements of historical fact
contained in this document are forward-looking information and
statements, including, without limitation, statements regarding the
transaction, future financial position, business strategy, proposed
acquisitions or dispositions, budgets, litigation, projected costs and
plans and objectives of or involving UNX or HRT. Securityholders can
identify many of these statements by looking for words such as
"believe", "expects", "intends", "projects", "anticipates",
"estimates", "continues" or similar words suggesting future outcomes or
statements regarding an outlook or the negative thereof. These
forward-looking statements may include, but are not limited to,
statements with respect to: the transaction, business strategy and
objectives, exploration plans, development plans, acquisition and
disposition plans and the timing thereof, the timing of various steps
in the transaction, and the satisfaction of listing conditions. There
can be no assurance that the plans, intentions or expectations upon
which these forward-looking statements are based will
occur. Forward-looking information and statements are subject to
risks, uncertainties and assumptions, including those discussed in the
Management Information Circular of UNX dated April 1, 2011 (the
"Circular"), which readers of this document are urged to read in its
entirety. Although UNX believes that the expectations represented in
such forward-looking information and statements are reasonable, there
can be no assurance that such expectations will prove to be
correct. Some of the risks which could affect future results and could
cause results to differ materially from those expressed in the
forward-looking information and statements contained herein include:
the impact of general economic conditions, industry conditions,
securityholder and court approval of the transaction, governmental
regulation including the timely receipt of required regulatory
approvals, volatility of commodity prices and other matters beyond the
control of UNX. Readers are cautioned that the foregoing list is not
exhaustive. Forward-looking statements or information are based on
current expectations, estimates and projections that involve a number
of risks and uncertainties which could cause actual results to differ
materially from those anticipated by UNX and described in the
forward-looking statements or information.
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 UNX Energy Corp.
For further information:
Laurel Hill Advisory Group:
North American toll-free at 1-877-304-0211