VANCOUVER, Nov. 12, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or the "Company") announces that, further to Stream's Information Circular dated October 15, 2014 regarding its proposed arrangement transaction (the "Arrangement") with TransAtlantic Petroleum Ltd. ("TransAtlantic"), Stream shareholders have approved the Arrangement at a meeting of Stream shareholders held earlier today. The Arrangement was approved by 98.04% of the votes cast by Stream shareholders. A total of 60.41% of the outstanding common shares of Stream were voted at the meeting.
Under the Arrangement, each common share of Stream will be exchanged for up to 0.05657 of a common share of TransAtlantic. The arrangement agreement between the companies provides that 85% of the value of each Stream common share, or 0.04812 of a common share of TransAtlantic, will be issued at closing and an additional 15% of the value of each Stream common share, or 0.00845 of a common share of TransAtlantic, will be issued if certain amendments to Stream's Albanian license agreements are received within nine months of the closing date.
Stream will be seeking British Columbia Supreme Court approval of the Arrangement on November 17, 2014. The Arrangement is expected to be completed on or about November 18, 2014, subject to receipt of court approval and other customary closing conditions. The Stream common shares will then be delisted from the TSX Venture Exchange.
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.
This news release contains forward‑looking statements that address future events and conditions and are subject to various risks and uncertainties in relation to the Company. Specifically, the completion of the Arrangement is subject to court and regulatory approval, including final approval of the TSX Venture Exchange, and other customary conditions. Forward‑looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward‑looking statements.
Neither 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: Stream Oil & Gas Ltd.
For further information: Dr. Sotirios Kapotas, Chairman, President & Chief Executive Officer, P: (403) 531-2358, Email firstname.lastname@example.org, Website: www.streamoilandgas.com