WestFire Energy Ltd.

WestFire Energy Ltd.
Exceed Energy Inc.
TSX VENTURE : EX.A

Exceed Energy Inc.

December 21, 2009 13:17 ET

WestFire Acquires Exceed and Producing Assets

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2009) - WestFire Energy Ltd. ("WestFire") and Exceed Energy Inc. ("Exceed") (TSX VENTURE:EX.A) are pleased to announce that, effective December 18, 2009, the previously announced acquisition by WestFire of Exceed pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") and certain producing oil and gas properties located in the Lloydminster/Lindbergh and Peace River Arch areas of Alberta and light oil properties in southeast Saskatchewan (the "Producing Assets") has been completed.

As part of the Arrangement, Exceed completed its previously announced underwritten private placement (the "Offering") of 800,000,000 Class "A" common shares ("Exceed Shares") for gross proceeds of $45,040,000. The Offering was led by Macquarie Capital Markets Canada Ltd. and included CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., Raymond James Ltd., Research Capital Corporation and Wellington West Capital Markets Inc. The net proceeds of the Offering were subsequently used by WestFire to acquire the Producing Assets for $30 million prior to closing adjustments with the balance of the proceeds to be used to fund WestFire's 2010 development drilling program and general corporate purposes.

Pursuant to the Arrangement, Exceed shareholders (including subscribers in the Offering) received 0.01 of a WestFire common share ("WestFire Share") for each Exceed Share held.

Letters of transmittal have been forwarded to Exceed shareholders to be utilized in order to exchange their Exceed Shares for WestFire Shares.

The Exceed Shares are expected to be de-listed from the TSX Venture Exchange ("TSXV") at the close of markets on or about December 23, 2009. WestFire has received conditional approval for the listing of the WestFire Shares from the Toronto Stock Exchange ("TSX"). The WestFire Shares are expected to be listed on the TSX under the symbol "WFE" at the open of markets commencing on or about December 24, 2009.

Reader Advisory

Statements in this joint press release contain forward-looking information including, without limitation, expectations of the timing of the de-listing of the Exceed Shares on the TSXV, listing of the WestFire Shares on the TSX and the anticipated 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 WestFire and Exceed. 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 WestFire or Exceed undertakes no obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

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 THE RELEASE.

Contact Information

  • WestFire Energy Ltd.
    Lowell Jackson
    President and CEO
    (403) 718-3601
    (403) 261-9658 (FAX)
    or
    WestFire Energy Ltd.
    Stephen Burtt
    Vice President Finance and CFO
    (403) 718-3603
    (403) 261-9658 (FAX)
    or
    Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1853
    (403) 508-1781 (FAX)
    www.exceedenergy.com