Texalta Petroleum Ltd. Receives Shareholder Approval for Business Combination

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED
STATES NEWS SERVICES.


Texalta Petroleum Ltd. ("Texalta" or the "Corporation") (TSX VENTURE:TEX.A) and
PetroFrontier Corp. ("PetroFrontier") (TSX VENTURE:PFC) are pleased to announce
that the shareholders of Texalta have approved, at a special meeting of
shareholders held earlier today, the previously announced business combination
between PetroFrontier and Texalta (the "Transaction"), pursuant to which
PetroFrontier will acquire all of the outstanding shares of Texalta in
accordance with the terms of an arrangement agreement dated March 21, 2011
between PetroFrontier and Texalta. 


The completion of the Transaction has received the approval of the Court of
Queen's Bench of Alberta. It is expected that the Transaction will be completed
on or about May 31, 2011. 


The Transaction has been conditionally accepted by the TSX Venture Exchange Inc.
("TSX Venture"). Final acceptance of the TSX Venture is subject to the
satisfaction of a number of usual conditions.


About PetroFrontier

PetroFrontier is an international oil and gas company engaged in the
exploration, acquisition and development of both conventional and unconventional
onshore petroleum assets in Australia's Southern Georgina Basin. Founded in
2009, PetroFrontier is one of the first companies to undertake onshore
exploration in the Southern Georgina Basin in Australia's Northern Territory.
PetroFrontier's head office is based in Calgary, Alberta and operations office
is in Adelaide, South Australia.


About Texalta

Texalta is a Calgary based company engaged in the exploration, acquisition and
development of prospective oil & gas properties in Saskatchewan and Alberta,
Canada. Texalta's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds a
50 percent working interest in EP 103 and EP 104, covering 5.7 million gross
acres of prospective land in the Southern Georgina Basin, Northern Territory,
Australia.


Forward-Looking Statements

This press release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which are beyond
the control of PetroFrontier and Texalta, including, without limitation,
statements pertaining to the closing of the business combination. Should one or
more of these risks or uncertainties materialize, or should assumptions
underlying the forward-looking information prove incorrect, actual results,
performance or achievements could vary materially from those expressed or
implied by the forward-looking information. Accordingly, prospective investors
should not place undue reliance on these forward-looking statements. A
description of assumptions used to develop such forward-looking information and
a description of risk factors that may cause actual results to differ materially
from forward-looking information can be found in PetroFrontier's and Texalta's
disclosure documents on the SEDAR website at www.sedar.com and in the
Information Circular. Any forward-looking statements are made as of the date of
this release and, other than as required by applicable securities laws, neither
PetroFrontier nor Texalta assume any obligation to update or revise them to
reflect new events or circumstances. 


This press release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States of America. The
securities have not been and will not be registered under the United States
Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws, or an exemption from such registration
is available.

Texalta Petroleum Ltd. (TSXV:TEX.A)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024