|By Marketwired .||
|August 13, 2013 07:12 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/13/13 -- Enterprise Energy Resources Ltd. (TSX VENTURE:EER) ("Enterprise" or the "Company") is pleased to announce that the acquisition of Enterprise by LNG Energy Ltd. (TSX VENTURE:LNG) ("LNG") was approved at Enterprise's annual general and special meeting of shareholders today. The acquisition of Enterprise by LNG through a court-approved plan of arrangement (the "Arrangement") under the Business Corporations Act, British Columbia, was announced on June 25, 2013. Under the terms of the Arrangement, each Enterprise Share will be exchanged for 5 common shares in the capital of LNG. The transaction is subject to final regulatory and court approvals.
Full details on the transaction can be found in Enterprise's management information circular dated July 5, 2013, which is available on SEDAR (www.sedar.com) under Enterprise's SEDAR profile. Subject to customary regulatory approval, Enterprise expects the transaction to be completed on August 20, 2013.
Enterprise is a Canadian exploration and development company with oil and gas properties in Montana, USA and Papua New Guinea. Enterprise holds a 15.75% interest in Telemu No. 18 Limited which holds a 20% interest in PPL 319 and 100% interest in PPLs 320, 321 and 322 in Papua New Guinea. Enterprise also holds a 100% working interest (80% net revenue interest) in approximately 13,000 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located in north east Montana as well as a 100% working interest (79% net revenue interest) in approximately 46,700 net acres of oil and gas leases in Cascade County, in western Montana. Further information is available under the Company's profile at www.sedar.com.
ENTERPRISE ENERGY RESOURCES LTD.
Geoff Carrington, President & CEO
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
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to the Arrangement. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Enterprise as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include the failure of Enterprise to obtain the necessary approvals for the Arrangement and any other factors that may cause the Arrangement not to be completed. Many of these factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Enterprise in this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All statements are made as of the date of this news release and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
Shares Outstanding: 47,726,795