/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, April 26 /CNW/ - Eastshore Energy Ltd. ("Eastshore") announces
that it has elected to convert all of its Class B Shares outstanding effective
on May 1, 2007 (the "Conversion Date"). The conversion price per Class B Share
will be satisfied by delivering that number of Class A Shares ("Class A
Shares") of Eastshore equal to the Conversion Rate, rounded to the next
highest whole Class A Share.
The Conversion Rate will be determined by dividing $10 by the greater of
(i) $1.00 and (ii) the Current Market Price of the Class A Shares at the
Conversion Date. The Current Market Price of the Class A Shares will be equal
to the weighted average Trading Price per share for the Class A Shares for the
30 consecutive Trading Days immediately preceding the Conversion Date. Based
on the current 30 day weighted average trading price of the Class A Shares,
the Conversion Rate would be 10 and each Class B Share would be converted into
10 Class A Shares.
A Notice of Conversion has been mailed to all registered holders of Class
B Shares outlining the terms of this Conversion. Eastshore will also mail a
formal Letter of Transmittal to all registered holders of Class B Shares of
record on April 30, 2007 to complete this transaction.
Eastshore is a Canadian junior oil and gas exploration, development, and
production company. The Corporation's focus is on liquids-rich natural gas and
light oil areas in west-central Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Information provided herein contains forward-looking statements. The
reader is cautioned that assumptions used in the preparation of such
information, which are considered reasonable by Eastshore Energy Ltd. at the
time of preparation, may be proved to be incorrect. Actual results achieved
during the forecast period will vary from the information provided and the
variations may be material. There is no representation by Eastshore that
actual results achieved during the forecast period will be the same in whole
or in part as those forecast.
The calculations of barrels of oil equivalent ("boe") are based on a
conversion rate of six thousand cubic feet ("mcf") of natural gas to one
barrel ("bbl") of crude oil. Boe's may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy
equivalency primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The Common
Shares will not be and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
For further information:
For further information: Eastshore Energy Ltd., Telephone: (403)
232-1150, Facsimile: (403) 232-1466, www.eastshoreenergy.com; Gary W. Burns,
President & Chief Executive Officer; Wende Dummer, Vice President Finance &
Chief Financial Officer, firstname.lastname@example.org; Gordon D. Holden, Vice
President, Reserves & Corporate Development, email@example.com.