All / Calibre / Trego
Does anyone follow Calibre? If so, I'd appreciate a quick comment:
TREGO ENERGY INC.
CALGARY, Nov. 24 /CNW/ - Calibre Energy Inc. (Calibre) and Trego Energy Inc. (Trego) today announced they have entered into an Agreement which provides that Calibre will make an Offer for all of the Common Shares of Trego on the basis of $1.30 Cash plus 1/5 of a Calibre share for each Common Share of Trego.
The combined company will have daily production in excess of 2000 BOE/D and 65,000 net acres of undeveloped lands. The majority of the Calibre and Trego properties are located in central and southeastern Alberta and southeastern Saskatchewan.
Trego's major shareholders have agreed to tender their shares, accounting for more than 40% of the outstanding total, to the Calibre offer. The offer is expected to be mailed to Trego shareholders on or before December 17, 1997, and is currently subject to completion of due diligence and required regulatory approvals being obtained. Trego has agreed, in certain circumstances, to pay Calibre a non-completion fee of $500,000, which is payable even if a higher tender is accepted.
The Toronto Stock Exchange and The Alberta Stock Exchange have neither approved nor disapproved the information contained herein.
Not for distribution in the United States or on U.S. wire services.
11/24/97
For further information: R. Dean Smith, President, Calibre Energy Inc., (403) 237-7020, Fax: (403) 237-5806; or, Hugh D. Borgland, President, Trego Energy Inc., (403) 266-8090, Fax: (403) 266-8094, E-mail: tregoenergy@msn.com
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