EM Resources Inc.

December 23, 2009 19:52 ET

EM Resources Announces Termination of Amalgamation With Condor Petroleum Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - EM Resources Inc. ("EM") announces that it has terminated the amalgamation agreement with Condor Petroleum Inc. ("Condor") upon mutual agreement and for no further consideration.

The amalgamation agreement was entered into with Condor on July 25, 2008, and the amalgamation deadline prescribed in the pre-amalgamation agreement dated July 25, 2008 was extended first to June 30, 2009, and then to April 30, 2010, as previously announced.

Condor is currently considering a number of strategic initiatives, and it has become clear that it would not be in the in the interests of either EM or Condor to be bound by the pre-amalgamation agreement until such time as Condor is able to adopt and implement the strategic initiatives which are currently under review. EM intends to continue discussions with Condor during this process, but whether or not a new merger arrangement will be concluded is uncertain and cannot be assured.

No stock exchange, securities commission or other regulatory authority has reviewed or approved the contents of this news release.

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