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Gold/Mining/Energy : Centurion Energy Intl Inc
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From: Cal Gary4/11/2006 10:43:13 AM
   of 350
 
Centurion backs down from U.S. purchase

Centurion Energy International Inc (C:CUX)
Shares Issued 88,885,985
Last Close 4/10/2006 $13.80
Tuesday April 11 2006 - News Release

Mr. Barry Swan reports

CENTURION NOTIFIED OF SUPERIOR OFFER ON EGYPTIAN PROPERTY ACQUISITION

Centurion Energy International Inc. had entered into an agreement as announced in Stockwatch Feb. 22, 2006, to acquire all of the shares of a U.S. private company that holds oil and gas interests primarily in Egypt and also in Texas. Centurion announces that the U.S. private corporation has provided notice that it has received an unsolicited third party offer which the board of directors of the U.S. private corporation considers to be a superior proposal as such term is defined in the purchase agreement. Pursuant to the terms of the purchase agreement, Centurion has had three days since receiving such notice in which to improve the terms of the agreement with the U.S. private corporation and has advised the U.S. private corporation that it does not intend to increase its offer. Centurion therefore anticipates that the U.S. private corporation will exercise its rights to terminate the purchase agreement.

Under the terms of the existing agreement, where the private U.S. corporation exercises its rights to terminate the agreement based upon the acceptance of a superior proposal, Centurion is entitled to receive the return of its $11.25-million (U.S.) deposit plus a termination fee of $7.35-million (U.S.) from the private U.S. corporation.

© 2006 Canjex Publishing Ltd.
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