Crew Energy Announces Exercise of Option to Purchase Third Tranche of British Columbia Montney Acreage
June 04 2013 - 8:00AM
Marketwired
Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) of Calgary,
Alberta is pleased to announce that it has exercised its option to
purchase the third tranche of Montney acreage (81 net sections) in
northeast British Columbia for a purchase price of $36 million (the
"Acquisition"). Crew has the option, 10 days prior to closing, to
elect to pay all cash or pay a minimum of $10 million cash with the
balance of the consideration payable in common shares of Crew, the
number of shares to be determined based on the volume weighted
average trading price for the ten trading days immediately
preceding closing. Completion of the Acquisition is subject to
satisfaction of customary conditions and is expected to close on or
before July 9, 2013. An updated map of the Company's Montney
acreage is posted on the Company's website at
www.crewenergy.com.
Advisory
This press release contains forward-looking statements. More
particularly, this press release contains forward-looking
statements concerning the completion of the Acquisition and the
timing. Forward-looking statements necessarily involve risks
including, without limitation, risks associated with closing of the
Acquisition and satisfaction of conditions thereto. As a
consequence, the Company's actual results may differ materially
from those expressed in, or implied by, the forward-looking
statements. Forward-looking statements or information are based on
a number of factors and assumptions which have been used to develop
such statements and information but which may prove to be
incorrect. Readers are cautioned that there is no assurance that
the Acquisition will be completed in a timely fashion, or at all.
Although Crew believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because
the Company can give no assurance that such expectations will prove
to be correct.
Contacts: Crew Energy Inc. Dale Shwed President and C.E.O. (403)
231-8850dale.shwed@crewenergy.com Crew Energy Inc. John Leach
Senior Vice President and C.F.O. (403)
231-8859john.leach@crewenergy.com Crew Energy Inc. Rob Morgan
Senior Vice President and C.O.O. (403)
513-9628rob.morgan@crewenergy.com www.crewenergy.com
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