MERGERS-ACQUISITIONS / R. Chaney & Partners Acquires Merit Energy
Common Shares
MAY 7, 1998
CALGARY, ALBERTA--R. Chaney & Partners III L.P. and R. Chaney &
Partners IV L.P. of Houston, Texas announce that as a result of
additional open market purchases on The Toronto Stock Exchange,
they now on a combined basis exercise control and direction over
2,616,400 common shares of Merit Energy Ltd., as well as 1,628,000
special warrants each exercisable into one common share of Merit.
Upon exercise of the special warrants, they will exercise control
and direction over 4,244,000 common shares of Merit representing
approximately 14.5 percent of the current outstanding shares. R.
Chaney & Partners, Inc. is the general partner of R. Chaney &
Partners III L.P. and R. Chaney Investments, Inc. is the general
partner of R. Chaney & Partners IV L.P. Both limited partnerships
are U.S. investment funds specializing in emerging energy
technology companies. Robert H. Chaney is the sole shareholder of
both general partners. Although the limited partnerships may make
further purchases of common shares of Merit on The Toronto Stock
Exchange or through private placements, it is not the current
intention of either limited partnership to acquire control of
Merit. Furthermore, there are no current plans to appoint a
nominee of the general partner of either limited partnership to
the board of Merit.
This press release has been issued in order to comply with
applicable securities legislation.
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