Berens Energy Ltd.
TSX : BEN

November 23, 2009 09:15 ET

Berens Energy Ltd. Announces Review of Strategic Alternatives

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2009) - Berens Energy Ltd. (TSX:BEN) ("Berens" or the "Company") announces that its Board of Directors has initiated a process to explore strategic alternatives, with a view to enhancing shareholder value. The Company has engaged Peters & Co. Limited to provide financial advisory and investment banking services to assist in this process.

"Our Board of Directors and management team are committed to enhancing value for our shareholders", said Dan Botterill, Berens' Chief Executive Officer. "We have built a strong foundation to deliver value to our shareholders. We believe this is the right time for us to explore our strategic alternatives for enhancing value and building upon our accomplishments."

Berens does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, unless otherwise required by law. The Company cautions that there are no guarantees that the strategic alternative review will result in a transaction or if a transaction is undertaken, as to its terms or timing.

Berens Energy Ltd. is a junior oil and gas company currently trading on the Toronto Stock Exchange. The Company currently produces and explores for oil and gas in the Western Canadian Sedimentary Basin with its primary growth areas focused in the Pembina region. The Company's strategy is to focus on profitable growth through a strategic combination of investments in exploration, development and acquisitions in western Canada.

Caution Regarding Forward Looking Information

This press release contains forward looking information within the meaning of applicable securities laws. Forward looking statements may include estimates, plans, expectations, forecasts, guidance or other statements that are not statements of fact. Forward looking information in this press release includes, but is not limited to, statements with respect to potential transactions and strategic options.

Forward-looking statements and information are based on current beliefs as well as assumptions made by; and information currently available to; Berens concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: crude oil and natural gas price volatility, exchange rate and interest rate fluctuations, availability of services and supplies, market competition, uncertainties in the estimates of reserves, the timing of development expenditures, production levels and the timing of achieving such levels, the Company's ability to replace and increase oil and gas reserves, the sources and adequacy of funding for capital investments, future growth prospects and current and expected financial requirements of the Company, the cost of future abandonment and site restoration, the Company's ability to enter into or renew leases, the Company's ability to secure adequate product transportation, changes in environmental and other regulations and general economic conditions.

The forward-looking statements contained in this press release are made as of the date of this press release. This cautionary statement expressly qualifies the forward-looking statements contained in this press release.

Contact Information

  • Berens Energy Ltd.
    Dan Botterill
    Chief Executive Officer
    (403) 303-3262
    or
    Berens Energy Ltd.
    Dell P. Chapman
    Chief Financial Officer
    (403) 303-3267