Kierland Resources Ltd.

December 29, 2009 10:11 ET

Kierland Resources Ltd. Announces it has Amended and Restated Its Acquisition Agreement

REGINA, SASKATCHEWAN--(Marketwire - Dec. 29, 2009) - Kierland Resources Ltd. ("Kierland" or the "Company") (TSX VENTURE:KIR) announces that its share purchase agreement for the purchase of a privately owned company ("PrivateCo") with oil and gas properties in Saskatchewan (the "Transaction") has been amended and restated.

In the amended and restated Transaction the small minority shareholder (less than 5%) will be paid cash for its shares in PrivateCo, with the balance of the purchase price for the remaining shares of PrivateCo to be satisfied by Kierland through the issuance of up to $14.1M (Cdn) of common shares of Kierland to the other vendors at a deemed price of $0.10 (Cdn) per share with a four month hold period, assumption of PrivateCo's bank debt of approximately $800,000 (Cdn) and payment of cash of up to $1,000,000 (Cdn) to satisfy and settle with the creditors of PrivateCo.

The cash purchase portion of the amended and restated Transaction is subject to the approval of the creditors/beneficiaries of the minority shareholder in the U.S. Courts.

The Transaction has received conditional approval from the TSX Venture Exchange. Closing is expected to occur on December 29, 2009.

About Kierland Resources Ltd.

Kierland Resources Ltd. is a publicly traded junior oil and gas company focused on exploration and development of oil and natural gas including Saskatchewan and Alberta. The Company remains focused on strategic acquisitions and aggressively expanding production, reserves and opportunistic transactions in this sector.

Issued Common Shares: 57,752,307

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kierland Resources Ltd.
    Richard J. Boswell
    President and Chief Executive Officer
    (403) 510 2957
    Kierland Resources Ltd.
    750, 630 - 6th Avenue SW
    Calgary, Alberta T2P 0S8