/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Oct. 16 /CNW/ - Western Oil Sands Inc. (TSX: WTO) ("Western") is
pleased to announce today that shareholders of Western voted over 99 per cent
in favour of a special resolution approving the acquisition of Western by
Marathon Oil Corporation (NYSE: MRO) pursuant to a Plan of Arrangement (the
"Plan") under the Business Corporations Act (Alberta).
The Plan remains subject to the approval of the Court of Queen's Bench of
Alberta. Application to the Court of Queen's Bench of Alberta for the Final
Order approving the Plan will be made later today.
Closing of the transaction is anticipated to occur on or about
October 18, 2007. Western expects to delist its common shares from the Toronto
Stock Exchange at the close of trading on October 19, 2007.
In addition to approving the Plan, Western shareholders also approved
resolutions associated with a stock option plan, a shareholder rights plan and
a private placement of WesternZagros Resources Ltd. ("WesternZagros"). The
common shares and warrants of WesternZagros will be listed on the TSX Venture
Exchange and trading in the common shares (trading symbol "WZR") and the
warrants (trading symbol "WZR.WT") is expected to commence on October 22,
This news release may contain forward-looking information based on
assumptions that are subject to a wide range of business risks, including
consummation of the Plan of Arrangement and listing of WesternZagros being
dependent on the satisfaction of customary closing conditions, the approval of
Western's shareholders and the approval of governmental authorities.
WesternZagros' operations are subject to all risks normally incident to oil
and gas exploration and production activities. All of WesternZagros' assets
are located in Kurdistan. As such, WesternZagros is subject to political,
economic, and other uncertainties of that region as well as risks of loss due
to civil strife, acts of war, guerrilla activities and insurrections.
WesternZagros' operations may be adversely affected by changes in government
policies and legislation or social instability and other factors which are not
within its control. Risks also include the uncertainty involved in the
estimation of resources.
Forward-looking information typically contains statements with words such
as "anticipate", "estimate", "expect", "potential", "could", or similar words
suggesting future outcomes. We caution readers and prospective investors of
the Company's securities not to place undue reliance on forward-looking
information as by its nature, it is based on current expectations regarding
future events that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ materially from
those anticipated by Western.
For further information:
For further information: Dorreen Miller, Manager, Investor Relations and
Communications, (403) 233-1757