Ryland Oil Corporation

Ryland Oil Corporation

August 20, 2010 17:49 ET

Ryland Oil Announces Completion of Arrangement With Crescent Point Energy Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2010) - Ryland Oil Corporation (TSX VENTURE:RYD) ("Ryland" or "the Company") is very pleased to announce that it has completed its arrangement with Crescent Point Energy Corp. ("Crescent Point") pursuant to which Crescent Point has acquired all of the issued and outstanding common shares in the capital of Ryland (each a "Ryland Share") not already owned by Crescent Point. The plan of arrangement was approved by an overwhelming majority of more than 99% of the votes cast by the Ryland's shareholders at the annual and special meeting of shareholders held on August 19, 2010. Final approval of the plan of arrangement was granted by the Court of Queen's Bench of Alberta on August 20, 2010.

Under the terms of the Arrangement, Ryland shareholders (excluding Crescent Point) are deemed to have received 0.0117 of a Crescent Point common share for each Ryland Share. For information relating to the process to follow to exchange Ryland Shares for Crescent Point common shares, Ryland shareholders are encouraged to review Ryland's management information circular and proxy statement dated July 22, 2010 ("Circular") and letter of transmittal which were previously mailed to shareholders and can be found under Ryland's profile on SEDAR at www.sedar.com.

It is expected that the Ryland Shares will be delisted from the facilities of the TSX Venture Exchange after the close of business on August 23, 2010. Crescent Point's common shares are currently listed and posted for trading on the Toronto Stock Exchange.

Reader Advisory

Certain statements contained in this press release constitute forward-looking statements. All forward-looking statements are based on Ryland's beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" and similar expressions are intended to identify forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Ryland believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this press release or, if applicable, as of the date specified in those documents specifically referenced herein.

In particular, this press release contains forward-looking statements pertaining to the delisting of the Ryland Shares from the facilities of the TSX Venture Exchange.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Ryland) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise and Ryland undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law.

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

  • Crescent Point Energy Corp.
    Greg Tisdale
    Chief Financial Officer
    (403) 693-0020 or Toll-free (US & Canada): 888-693-0020
    Crescent Point Energy Corp.
    Trent Stangl
    Vice President Marketing and Investor Relations
    (403) 693-0020 or Toll-free (US & Canada): 888-693-0020
    (403) 693-0070 (FAX)