CALGARY, Dec. 20 /CNW/ - P1 Energy Corp. ("P1") is pleased to announce that it has completed its proposed
amalgamation (the "Amalgamation") with APO Energy Inc. ("APO"). Pursuant to the terms of the Amalgamation, each share of P1 has
been exchanged for one share of the amalgamated entity ("Amalco"), and each share of APO has been exchanged for 0.4218 shares of
Amalco. Amalco will continue under the name "P1 Energy Corp.".
The Amalco management team will be led by David Stangor, as President
and Chief Executive Officer, Richard Naden as Vice President Production
and Engineering, Aaron Stein as Vice President Business Development and
Investor Relations, Francisco Jose Ortega Arciniegas as Colombia Chief
Financial Officer, Oscar Vela as Legal Director Colombia, Nestor Jair
Galindo Pedraza as Project Director Colombia and Hector Joaquin
Hernandez Amaya as Quality, Health, Safety & Environment Manager
The Amalco board directors is comprised of Abby Badwi (Chairman of the
Board), Douglas Urch, Ronald Pantin, and David Stangor.
Immediately prior to the completion of the Amalgamation, the proceeds of
the subscription receipt financing conducted by P1 on December 2, 2010
at $2.75 per subscription receipt, for gross proceeds of $50.9 million,
were released from escrow.
SOURCE P1 ENERGY CORP.
For further information: For further information:
VP Business Development & Investor Relations
O: +1 403 984-4224