Enterprise Announces Closing of the Acquisition of Approximately 30,840 Net Acres in Williston Basin
July 08 2011 - 6:22PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Enterprise Energy Resources Ltd. (TSX VENTURE:EER) (the "Company") is pleased to
announce that it has closed its previously announced transaction (the "Cerda
Acquisition") to acquire all of the shares of Cerda Capital Corporation
("Cerda") from EVO Energy Ltd. Contemporaneously, Cerda's wholly owned
subsidiary Evolution Oil Group, LLC closed the previously announced acquisition
of approximately 30,840 net acres in the Williston Basin, Montana.
The Company also announces that it closed the second tranche of its previously
announced non-brokered private placement. The second tranche consisted of the
sale of 416,666 units (the "Units") at a price of $0.60 resulting in gross
proceeds to the Company of $250,000. Each Unit consists of one common share and
one-half of one common share purchase warrant. Each whole warrant entitles the
holder to purchase an additional common share at a price of $0.80 for a period
of six months from closing and thereafter at a price of $1.00 for an additional
six months. Securities issued under the financing will be subject to a four
month hold period beginning upon their issuance. The TSX Venture Exchange has
conditionally approved the closing of the Financing, subject to filing of the
final documents.
"We are pleased to have closed this transaction in what has become a very
competitive environment in north-eastern Montana," commented Geoff Carrington,
President of Enterprise. "As we continue to assess additional acreage in the
Bakken and Three Forks oil window in the immediate area, we are actively working
on the location and initial planning of our first well."
ENTERPRISE ENERGY RESOURCES LTD.
Geoff Carrington, President & CEO
This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or to,
or for the benefit or account of, a U.S. person, except pursuant to an available
exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information
presented constitutes "forward-looking statements". Such forward-looking
statements, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
Shares Outstanding: 47,726,795
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