Aztek Energy Ltd.
TSX VENTURE : ATZ.H

Spartan Exploration Ltd.

Spartan Exploration Ltd.

December 10, 2009 17:22 ET

Spartan Exploration Ltd. and Aztek Energy Ltd. Increase Size of Option Granted to Underwriters

CALGARY, ALBERTA--(Marketwire - Dec. 10, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE
 A VIOLATION OF U.S. SECURITIES LAWS.

Spartan Exploration Ltd. ("Spartan"), a private oil and gas company with operations in Saskatchewan and Alberta, and Aztek Energy Ltd. ("Aztek") (TSX VENTURE:AZT.H) are pleased to announce that they have increased the size of the option granted to the Underwriters (the "Underwriters' Option") in connection with the previously announced bought deal financing from approximately $1.5 million to approximately $5.0 million at a price of $0.17 per subscription receipt of Aztek ("Subscription Receipts"). On December 9, 2009, Spartan and Aztek entered into an agreement, on a bought deal private placement basis, with a syndicate of underwriters co-led by GMP Securities L.P. and Clarus Securities Inc., and including CIBC World Markets Inc., Research Capital Corporation, Macquarie Capital Markets Canada Ltd., FirstEnergy Capital Corp. and Captus Partners Ltd. (collectively, the "Underwriters") for an offering of 59,000,000 Subscription Receipts at a price of $0.17 per Subscription Receipt (the "Offering"). In addition, Aztek had also granted the Underwriters the Underwriters' Option, exercisable up to 48 hours prior to the closing of the Offering, to purchase an additional 8,850,000 Subscription Receipts at a price of $0.17 per Subscription Receipt. As a result of the increase in the Underwriters' Option, up to 29,412,000 Subscription Receipts may now be issued. The aggregate gross proceeds from the Offering will now be approximately $15.0 million, if the Over-Allotment Option is fully exercised (increase from $11.5 million).

About Spartan

Spartan, a privately held corporation based in Calgary, Alberta, has been engaged in the business of acquiring crude oil and natural gas properties and exploring for, developing and producing oil and natural gas in western Canada since mid 2008. Upon completion of the Arrangement, Spartan will be uniquely positioned with a significant position in each of the three leading oil resource plays in western Canada, being the Bakken light oil resource play in southeast Saskatchewan, the Lower Shaunavon medium gravity oil resource play in southwest Saskatchewan and the Cardium light oil play in central Alberta.

About Aztek

Aztek Energy Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. The Aztek Shares trade on the NEX board of the TSX Venture Exchange under the symbol AZT.H.

READER ADVISORY

Statements in this joint press release contain forward-looking information including, without limitation, timing and completion of the Arrangement and the Offering, the listing of the Spartan Shares on a recognized Canadian stock exchange and ongoing corporate strategy, benefits of the Arrangement and the use of proceeds of the Offering. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Spartan and Aztek. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Neither Spartan or Aztek undertakes any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

Certain of the information contained in this joint press release assumes that Spartan has completed the Arrangement on the anticipated basis and times set forth herein. The Arrangement is subject to the receipt of the approval of the shareholders of Aztek, the approval of the Court of Queen's Bench for the province of Alberta as well as all other necessary regulatory approvals. The anticipated listing of the Spartan Shares on a recognized Canadian stock exchange is subject to the conditional approval of that stock exchange and Spartan satisfying the listing requirements and all other requirements of such exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

  • Spartan Exploration Ltd.
    Richard F. McHardy
    President & CEO
    (403) 294-9196
    (403) 294-9126 (FAX)
    or
    Spartan Exploration Ltd.
    1000, 606 - 4th Street SW
    Calgary, Alberta
    or
    Aztek Energy Ltd.
    Raymond J. Hodgkinson
    COO & Director
    (403) 662-2028
    (403) 299-9601 (FAX)
    or
    Aztek Energy Ltd.
    2800, 715 - 5th Avenue SW
    Calgary, Alberta