CORP. ANNOUNCEMENT / Grey Wolf Exploration Inc. Lists On TSE
GREY WOLF EXPLORATION INC. ANNOUNCES THE LISTING OF ITS COMMON
SHARES ON THE TORONTO STOCK EXCHANGE
CALGARY, ALBERTA--
Grey Wolf Exploration Inc. ("Grey Wolf') is pleased to announce
that it has received conditional approval of the Toronto Stock
Exchange ("TSE") to list its common shares on the TSE. The common
shares of Grey Wolf will commence trading on the TSE today under
the trading symbol "GWX" and will also continue to be listed and
traded on the Alberta Stock Exchange under the same trading
symbol.
In connection with the conditional approval of the TSE and
subject to obtaining all necessary shareholder and regulatory
approvals, Grey Wolf has undertaken to consolidate its issued and
outstanding common shares on a one for ten basis and will in due
course be calling a special meeting of the shareholders of Grey
Wolf to approve same.
RELATED ANNOUNCEMENT
ACQUISITIONS - MERGERS / Abraxas Petroleum Corporation Announces Acquisition of New Cache Petroleums Ltd.
SAN ANTONIO, Jan. 6 /PRNewswire/ -- Abraxas Petroleum Corporation (Nasdaq: AXAS) through its wholly-owned subsidiary, Canadian Abraxas Petroleum Limited, (''Canaxas'') announced today that approximately 14,026,467 common shares and associated rights, being approximately 98.8 per cent of the issued and outstanding common shares and associated rights of New Cache Petroleums Ltd. (Toronto: NWA - news; ''New Cache''), on a fully diluted basis (excluding the 1,222,353 options to acquire common shares of New Cache held by optionholders who have agreed to cancel their options pursuant to agreements between such optionholders and New Cache), were deposited prior to the expiration of its outstanding offer to purchase all such common shares and associated rights as set forth in the Offer to Purchase and Circular dated November 24, 1998 (the ''Offer''), as extended by Notice of Variation and Extension dated December 18, 1998. All of the conditions of the Offer have been satisfied.
Canaxas will take up and pay for all of the common shares and associated rights of New Cache deposited in acceptance of the Offer.
Canaxas will not be extending the Offer in respect of the remaining common shares and associated rights of New Cache not deposited in acceptance of the Offer. As Canaxas has acquired in excess of 90% of the issued and outstanding common shares and associated rights of New Cache pursuant to the Offer, Canaxas intends to implement the compulsory acquisition provisions of the Business Corporations Act (Alberta) to acquire the remaining 1.2% of the issued and outstanding common shares and associated rights of New Cache not deposited in acceptance of the Offer, whereupon, New Cache will become a wholly-owned subsidiary of Canaxas.
The previously announced transaction calls for the payment of approximately $60MM ($92MM CDN) in cash or $6.50/share CDN and the assumption of approximately $24MM ($37MM CDN) of debt.
Abraxas intends to integrate the New Cache operations into the existing operations of Canaxas and Grey Wolf Exploration, Inc., (Toronto, Alberta: GWX, approximately 48% owned by Abraxas) with Grey Wolf eventually acquiring as much as 50% of the New Cache assets.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company that also processes natural gas. It operates primarily along the Texas Gulf Coast, in the Permian Basin of western Texas, western Canada and southwestern Wyoming.
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