SOURCE: Alternate Energy Corporation

December 12, 2008 16:53 ET

Alternate Energy Corp. and Treaty Petroleum, Inc. Sign Definitive Agreement

Treaty, a West Texas Oil & Gas Company, Will Merge Into Alternate Energy

BURLINGTON, ON--(Marketwire - December 12, 2008) - Alternate Energy Corp. (OTCBB: ARGY) announced today that it has executed a Definitive Agreement with Treaty Petroleum, Inc. pursuant to which Treaty will merge with Alternate Energy. The companies had announced the signing of a letter of intent on December 3rd to negotiate the agreement which is now completed.

By virtue of the Merger, pursuant to the Definitive Agreement, the 369,501,136 share of common stock held by ARGY shareholders immediately prior to the closing will be reverse split on a 8.032633 to 1 ratio, to 46,000,000 shares, with the shareholders of Treaty to be issued 414,000,000 shares of common stock upon the closing, constituting 90% of the issued and outstanding common stock of ARGY.

The shares to be received by shareholders of Treaty will not be registered for sale with the U.S. Securities and Exchange Commission and would, therefore, be subject to the rights and restrictions of Rule 144.

The closing, which was scheduled to take place by today, December 12th, will now close within a few days.

About Alternate Energy Corp.

Alternate Energy Corp. is an energy company committed to delivering innovative, practical, and environmentally responsible fuel, power and chemical solutions to consumer, commercial, and government markets.

About Treaty Petroleum, Inc.

Treaty is engaged in the acquisition, development and production of oil primarily in West Texas. Treaty acquires and develops properties, many of which have "proven but undeveloped reserves" at the time of acquisition that are economically interesting to Treaty, but not strategic to exploration-oriented oil and gas companies. This strategy provides Treaty with the assets to develop and produce without the risk, cost and time involved in traditional exploration. Treaty's headquarters are located in Abilene, Texas.

Forward-Looking Statements:

Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.

Contact Information

  • Contact:
    Alternate Energy Corp.
    Tel: 905-332-3110