Brookfield Special Situations

December 16, 2009 09:52 ET

Brookfield Special Situations Acquires 496,876 Common Shares of Insignia Energy

EARLY WARNING PRESS RELEASE

CALGARY, ALBERTA--(Marketwire - Dec. 16, 2009) - Brookfield Special Situations ("Brookfield"), announced today that it has acquired 496,876 common shares of Insignia Energy Ltd. (TSX:ISN) (the "Corporation") under a Private Agreement Exemption. Under the agreement, Brookfield paid cash consideration of $2.10 per common share of the Corporation. Insignia Energy is a Calgary-based oil and natural gas company engaged in the exploration for and the acquisition, development and production of natural gas and crude oil in Canada.

As a result this transaction, Brookfield now holds 16,565,752 Common Shares of the Corporation, representing approximately 54.0% of the currently issued and outstanding Common Shares.

Brookfield acquired the common shares of Insignia for investment purposes only. Brookfield intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, Brookfield may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.

For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact:

Jim Reid
Brookfield Special Situations
Suite 1700, 335-8th Avenue SW
Calgary Alberta T2P 1C9
Tel: (403) 770-7215

Brookfield Special Situations ("Brookfield") was established by Brookfield Asset Management to provide a source of patient, long-term capital and strategic assistance to mid-market companies based in North America. With strong industry and financial management expertise, Brookfield is well positioned to assist companies in building value over the long term.

NOTE: The statements in this press release concerning Brookfield's future intentions regarding Brookfield's investment in Insignia Energy Ltd.'s Common Shares may contain forward-looking information and other "forward-looking statements", within the meaning of certain securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward looking statements are identified by words such as, but not limited to, "could", "may", and "will". Readers are cautioned that actual results may vary from the forward-looking information contained herein. We may make such statements in this release, in other filings with Canadian regulators or the SEC or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors. Such risks include, but are not limited to, the risk that the Rights Offering will not close as anticipated.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Brookfield Special Situations
    Jim Reid
    (403) 770-7215