Quatro Resources Inc.

January 17, 2008 16:39 ET

Quatro Resources Inc. Announces Acquisition of Berkana Energy Corp.

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2008) - QUATRO RESOURCES INC. ("Quatro"), a Calgary based, private oil and gas company, is pleased to announce that over 90% of the issued and outstanding Class A common shares ("Berkana Shares") of Berkana Energy Corp. ("Berkana") have been tendered to Quatro's previously announced offer to acquire all of the Berkana Shares (the "Offer"). The Offer expired at 3:00 p.m. (Calgary time) on January 16, 2008 and Quatro has taken up and paid for all of the Berkana Shares deposited to the Offer on the basis of $1.96 in cash for every Berkana Share. Quatro has implemented procedures to acquire all remaining Berkana Shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).

Quatro is taking immediate steps to have Berkana declared to be no longer a reporting issuer and to have the Berkana Shares de-listed from the Toronto Stock Exchange.

Quatro is a portfolio company of Natural Gas Partners of Irving, Texas ("NGP"), the premier provider of private equity capital in the energy industry. Founded in 1988, NGP is an affiliate of NGP Energy Capital Management, a $7+ billion firm based in Irving, Texas that invests in all sectors of the energy industry.


The news release contains certain forward-looking statements, including management's assessment of future plans and operations and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Quatro's control. Such risks and uncertainties include, without limitation, risks associated with Quatro's ability to market successfully to current and new customers; supply and demand for Quatro's services and products and industry activity levels; capital expenditure programs; projections of commodity prices and costs; Quatro's ability to obtain materials and equipment from suppliers; operating risk liability; expansion of services and products by internal growth or acquisition; Quatro's ability to obtain additional financing on satisfactory terms; the impact of general economic and industry conditions; changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced; competitive conditions; the lack of availability of qualified personnel or management; fluctuations in foreign exchange or interest rates, stock market volatility; and obtaining required approvals of regulatory authorities. Quatro's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or it any of them do so, what benefits, including the amount of proceeds, that Quatro or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release and Quatro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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