Geocan to acquire Assure Energy

Aug. 9, 2005
Geocan Energy Inc. and Assure Energy Inc., both of Calgary, have entered into an agreement whereby Geocan will acquire Assure's outstanding and issued stock for $48.3 million (Can.).

By OGJ editors
HOUSTON, Aug. 9 -- Geocan Energy Inc. and Assure Energy Inc., both of Calgary, have entered into an agreement whereby Geocan will acquire Assure's outstanding and issued stock for $48.3 million (Can.). The deal will include $20.5 million of assumed debt and other fixed obligations and the issuance of 19.3 million Geocan common shares.

Geocan is acquiring proven plus probable reserves of 3.68 million boe of light and medium oil and natural gas for an acquisition cost of $12.25/boe.