Cannon Oil & Gas Ltd.
TSX VENTURE : COO

January 11, 2007 18:38 ET

Cannon Announces Mailing of Offer and Directors' Circular

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2007) - Cannon Oil & Gas Ltd. ("Cannon") (TSX VENTURE:COO) is pleased to announce that it has mailed its Directors' Circular in response to G2 Resources Inc.'s offer (the "Offer") to acquire all of the outstanding common shares of Cannon (the "Cannon Shares") on the basis of 0.95 of a common share of G2 Resources Inc. for each Cannon Share by way of take-over bid. The Offer is open for acceptance until 3:00 p.m. (Calgary time) on January 26, 2007, unless withdrawn or extended. In the Directors' Circular, the board of directors of Cannon unanimously recommends that the holders of Cannon Shares accept the Offer.

Copies of the Offer and Directors' Circular may be obtained via the System for Electronic Document Analysis and Retrieval at www.sedar.com.

Investors are cautioned that, except as disclosed in the takeover bid circular and the directors' circular prepared in connection with the transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of G2 and Cannon should be considered highly speculative.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cannon Oil & Gas Ltd.
    Robert J. Tessari
    President & Chief Executive Officer
    (403) 237-8407