Traverse Energy Ltd.

December 08, 2009 17:56 ET

Traverse Energy Completes Acquisition of Rio Bravo Energy

CALGARY, ALBERTA--(Marketwire - Dec. 8, 2009) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) announces that it has closed the acquisition (the "Acquisition") of all the issued and outstanding common shares of the private oil and gas company, Rio Bravo Energy Inc. ("Rio Bravo"). The total consideration paid for all of the issued and outstanding common shares of the Rio Bravo ("Common Shares") was $105,180. The Corporation paid $0.012 for each of the 8,765,000 issued and outstanding Common Shares. The Corporation financed the Acquisition through its existing working capital.

The Corporation received conditional approval of the Acquisition from the TSX Venture Exchange ("TSXV") on December 2, 2009. The Acquisition of Rio Bravo was considered a Reviewable Transaction by the TSXV due to David Erickson being a director and insider of the Corporation and also a director and insider of Rio Bravo. Mr. Erickson declared his interest in this matter to the board of directors of the Corporation and abstained from the approval thereof.

Rio Bravo was acquired by the Corporation for its tax pools and undeveloped land.

About the Corporation

The Corporation is a junior oil and natural gas exploration and production company. The Corporation's management will continue to evaluate drilling and acquisition opportunities within Canada. The Common Shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". There are currently 24,950,000 Common Shares issued and outstanding.

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

Contact Information

  • Traverse Energy Ltd.
    Laurie Smith
    President and Chief Executive Officer
    (403) 264-9223
    Traverse Energy Ltd.
    800, 839 - 5th Avenue S.W.
    Calgary, Alberta T2P 3C8