CALGARY, Dec. 10, 2012 /CNW/ - Pinecrest Energy Inc. (TSX-V: PRY) ("Pinecrest") announces it has been informed by Spartan Oil Corp. ("Spartan") that Spartan has received an unsolicited offer from a third-party to acquire all of the issued and outstanding common shares of Spartan. Pinecrest remains committed to completing the plan of arrangement (the "Arrangement") contemplated by the arrangement agreement between Pinecrest and Spartan dated November 20, 2012 (the "Arrangement Agreement") providing for the combination of Pinecrest and Spartan.
The Pinecrest Board of Directors has unanimously (other than directors who are not eligible to vote on such matters in accordance with the provisions of the Business Corporations Act (Alberta)) determined that the Arrangement is in the best interests of Pinecrest and the shareholders of Pinecrest, approved the Arrangement and the entering into of the Arrangement Agreement and resolved to recommend that shareholders of Pinecrest vote in favour of the Arrangement.
Pinecrest is engaged in the acquisition and exploration for and development and production of oil and natural gas in Western Canada. Pinecrest has a significant position in the emerging, light oil Slave Point carbonate resource play focused in the greater Red Earth area of north-central Alberta. The common shares of Pinecrest are listed on the TSXV under the symbol "PRY".
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: Pinecrest Energy Inc.
For further information:
Pinecrest Energy Inc.
President and CEO
Vice President, Finance and CFO
Tel: (403) 817-2550
Fax: (403) 817-2599