CALGARY, ALBERTA, March 28, 2008 /CNW/ - Great Plains Exploration Inc.
("Great Plains") (TSX-GPX) and RedStar Oil and Gas Inc. ("RedStar") (TSX-RED)
announced today, that further to the announcement made March 7, 2008
describing the business combination of Great Plains and RedStar, the
transaction will proceed by way of a Plan of Arrangement instead of a
take-over bid. None of the material business terms of the transaction have
been changed. In particular, the previously announced exchange ratio for the
acquisition remains at 0.9 Great Plains' shares for each RedStar share.
RedStar expects to mail an information circular to RedStar shareholders
by April 8, 2008 with respect to a shareholders meeting on May 8, 2008, to
approve the arrangement.
This news release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, the effect of
the transaction, timing of matters relating to the approval and implementation
of the transaction, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although the Companies believe
that the expectations reflected in such forward-looking statements are
reasonable, they cannot give any assurance that such expectations will prove
to be correct or that the proposed transaction will be completed or required
shareholder and regulatory approvals will be received. Results of the
Companies may be affected by a variety of variables and risks associated with
oil and gas exploration, production and transportation, such as loss of
market, volatility of oil and gas prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other producers,
ability to access sufficient debt and equity capital from internal and
external sources, ability to replace and expand oil and gas reserves, ability
to generate sufficient cash flow from operations to meet its current and
future obligations, and risks associated with existing and potential future
lawsuits and regulatory actions made against the Companies; as a consequence,
actual results could differ materially from those anticipated or implied in
the forward-looking statements.
The Companies' forward-looking statements are expressly qualified in
their entirety by this cautionary statement and are made as of the date of
this news release. Unless otherwise required by applicable securities laws,
the Companies do not intend nor do they undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
event, results or circumstances or otherwise, except as may be required by
applicable securities laws.
The TSX has neither approved nor disapproved of the contents of this
For further information:
For further information: Great Plains Exploration Inc., Stephen P.
Gibson, President & CEO; Sean Bovingdon, VP Finance & CFO, Tel: (403)
262-9620, Fax: (403) 262-9622, www.greatplainsexp.com,
firstname.lastname@example.org; RedStar Oil & Gas Inc., Chester Krala, President &
CFO; Lawrence Walter, VP Finance & CFO, Tel: (403) 262-3130, fax: (403)