DNO International Will Not Offer to Acquire Calvalley Petroleum
(Thomson Reuters ONE) -
Oslo, 23 August 2012 -- DNO International ASA, the Norwegian oil and gas
company, disclosed today in response to press and shareholder queries that it
will not make an offer to acquire Calvalley Petroleum Inc. (TSX: CVI.A)
DNO International had announced on 12 July 2012 that while it would not proceed
with a proposed all-cash offer to acquire Calvalley at a price of CAD 2.30 per
Class A common share, it remained interested in engaging in constructive
dialogue towards a transaction, pending Calvalley's response to a notice that
set forth the provisions under which one of its partners intended to dispose of
a 25 percent working interest in Block 9, Republic of Yemen.
On 23 July 2012, Calvalley announced the decision by the Calvalley Board of
Directors not to exercise its right to match the third party offer and acquire
either all or a proportionate share of the working interest in Block 9.
DNO International has subsequently met with members of the Calvalley Special
Committee with a view to reaching acceptable terms to enter into definitive
agreements. In addition, DNO International has continued analysis of publicly
available information regarding Calvalley and specifically the court filings in
Canada and Yemen against Calvalley by Al-Zarqa Electricity in relation to an
agency agreement dated 19 December 1996 between Al-Zarqa Electricity and
Calvalley.
Given that DNO International has been unable to determine the exact nature of
the Al-Zarqa Claim or quantify the impact of potential liabilities that may or
may not arise as a result, DNO International has not been able to agree terms
with the Special Committee on either price or structure.
After consideration of its options, DNO International is no longer interested in
pursuing an offer to acquire Calvalley.
--- DNO International ASA is an Oslo-listed, Middle East and North Africa
focused oil and gas company holding stakes in 17 licenses in various stages of
exploration, development and production both onshore and offshore in the
Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the
United Arab Emirates and the Tunisian Republic. http://www.dno.no ---
Oslo, 23 August 2012
DNO International ASA
Corporate Communications
Queries: Tom Bratlie (tom.bratlie(at)dno.no or tel: +47 905 21 904)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This news release contains statements that constitute "forward-looking
information" or "forward-looking statements" (collectively "forward-looking
information") within the meaning of applicable securities legislation. This
forward-looking information includes, among others, statements regarding DNO
International's intention not to make an offer for Calvalley, the Al-Zarqa
Claim, and DNO International's and Calvalley's ongoing relationship. This
forward-looking information is subject to numerous risks and uncertainties,
certain of which are beyond DNO International's control including, without
limitation, uncertainty related to Calvalley's future plans and ability to carry
out and complete such future plans. Readers are cautioned that the foregoing
list of risk factors is not exhaustive. DNO International's actual results,
performance or achievements may differ materially from those expressed in, or
implied by this forward-looking information and, accordingly, no assurance can
be given that any events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that DNO
International will derive therefrom.
Information in this news release concerning Calvalley is based entirely on
publicly available sources and has not been independently verified by DNO
International. DNO International assumes no responsibility for the accuracy or
completeness of such information.
Note: All financial figures are in Canadian dollars unless noted otherwise.
This news release does not constitute an offer to sell or the solicitation of an
offer to buy any securities. No offering of securities will be made absent
registration under, or an exemption from the registration requirements of,
applicable securities laws.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1635735]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 177022
Anzahl Zeichen: 5206
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO International Will Not Offer to Acquire Calvalley Petroleum"
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