Centurion Energy International Inc.

Centurion Energy International Inc.

January 10, 2007 14:17 ET

Centurion Completes Plan of Arrangement With Dana Gas PJSC

CALGARY, ALBERTA--(CCNMatthews - Jan. 10, 2007) - Centurion Energy International Inc. (TSX:CUX) (AIM:CUX.L) ("Centurion") announces that it has completed an arrangement with Dana Gas PJSC ("Dana Gas"). Pursuant to the Arrangement, Giza Acquisition Inc., a wholly-owned subsidiary of Dana Gas, has acquired all of the issued and outstanding common shares of Centurion (the "Common Shares") for $12.00 in cash per Common Share (the "Common Share Consideration") for an aggregate acquisition cost of $1,014,866,616. In addition, under the terms of the Arrangement, holders of certain eligible options to purchase Common Shares ("Options") will receive the cash consideration equal to the difference between the Common Share Consideration and the exercise price of the Options (the "Option Consideration"). As a result of the Arrangement, Centurion is now an indirect wholly-owned subsidiary of Dana Gas.

Arrangements have been made with the depositary, Valiant Trust Company, to forward the Common Share Consideration and Option Consideration payable to the former holders of Common Shares and Options, respectively, pursuant to the Arrangement. Holders of Common Shares and Options are directed to contact their investment professional.

It is intended that an application will be made to de-list the Common Shares from the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange with effect at the close of business on January 12, 2007.

Contact Information

  • Centurion Energy International Inc.
    Said Arrata
    Chairman and CEO
    (403) 263-6002
    Centurion Energy International Inc.
    Scott Koyich
    Investor Relations
    (403) 215-5979
    Citigate Dewe Rogerson
    Martin Jackson
    +44 207 638 9571
    Canaccord Adams Limited
    Clayton Bush
    +44 20 7050 6500
    Canaccord Adams Limited
    Tyler Broda
    + 44 20 7050 6500