TORONTO, May 16 /PRNewswire-FirstCall/ - Alange
Energy Corp. (TSXV: ALE) announced today that its board of
directors has adopted a shareholder rights plan, effective May 13,
2011. The objective of the rights plan is to ensure, to the
extent possible, that all shareholders of Alange Energy are treated
equally and fairly in connection with any initiative to acquire
control of the Company.
The rights plan is not intended to and will not
prevent a take-over of the Company. The purpose of the rights plan
is to encourage a potential bidder to make a "Permitted Bid",
having terms and conditions designed to meet the objectives of the
rights plan, or to negotiate the terms of an offer with the board
of directors of Alange Energy. A Permitted Bid is a take-over bid
that is made to all holders of voting shares of the Company (other
than the bidder) for all of the voting shares held by them, by way
of a take-over bid circular prepared in compliance with applicable
securities laws, that remains open for acceptance by shareholders
of the Company for 60 days (or such shorter period of time as may
be approved by the board of directors of the Company from time to
time), and that satisfies certain other conditions.
The rights plan must be confirmed by
shareholders within six months of its effective date. The
listing of the rights is subject to regulatory acceptance by the
TSX Venture Exchange.
Alange Energy is not aware of any specific
take-over bid for the Company that has been made or is
contemplated.
A complete copy of the Rights Plan is available
upon request. Shareholders wishing to receive a copy of the Rights
Plan should make their request by telephone at (416) 360-7915, by
email at pvolk@alangecorp.com or by mail to Alange Energy Corp.,
333 Bay Street, Suite 1100, Toronto, Ontario M5H 2R2,
Attention: Mr. Peter Volk. A copy of the Rights Plan is also
filed on SEDAR at www.sedar.com.
About Alange Energy Corp.
Alange Energy is a Canadian-based oil and gas
exploration and production company, with working interests in 19
properties in five basins in Colombia. Further information can be
obtained by visiting our website at www.alangeenergy.com.
This news release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of Alange
Energy. Forward-looking statements and forward-looking information
include, but are not limited to, statements with respect to
estimated production and reserve life of the various oil and gas
projects of Alange Energy; the estimation of oil and gas reserves;
the realization of oil and gas reserve estimates; the timing and
amount of estimated future production; costs of production; success
of exploration activities; and currency exchange rate fluctuations.
Except for statements of historical fact relating to the company,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "plan," "expect," "project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of Alange Energy
and there is no assurance they will prove to be correct. Factors
that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in
market conditions, risks relating to international operations,
fluctuating oil and gas prices and currency exchange rates, changes
in project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks
of the oil and gas industry, failure of plant, equipment or
processes to operate as anticipated. Although Alange Energy has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. 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. Alange Energy undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Statements concerning oil and gas reserve
estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the oil and gas
that will be encountered if the property is developed. Boe may be
misleading, particularly if used in isolation. A boe conversion
ratio of 6 mcf:1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Estimated values of
future net revenue disclosed do not represent fair market
value.
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 news release.
SOURCE Alange Energy Corp.