Anderson Energy Ltd.
TSX : AXL

Anderson Energy Ltd.

August 13, 2007 09:03 ET

Anderson Energy Ltd. Announces Closing of $100.23 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Aug. 13, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Anderson Energy Ltd. ("Anderson" or the "Company") (TSX:AXL) announces that it has closed its previously announced bought deal equity financing with a syndicate of underwriters to sell 25.7 million Subscription Receipts at a price of $3.90 per Subscription Receipt for aggregate gross proceeds of $100.23 million (the "Offering"). BMO Capital Markets, Cormark Securities Inc. and RBC Capital Markets led the syndicate that also included Tristone Capital Inc. and GMP Securities L.P. (collectively, the "Underwriters"). In addition, the Underwriters have been granted an overallotment option to purchase up to 3.855 million Subscription Receipts, exercisable up to 30 days after closing of the Offering. Directors and officers of the Company subscribed for 344,494 Subscription Receipts.

Net proceeds from the Offering will be used to partially fund the Company's previously announced acquisition of oil and natural gas assets in its core area of greater Sylvan Lake (the "Acquisition") for $117.1 million before closing adjustments. The proceeds from the Offering will be held in escrow pending the closing of the Acquisition, expected on August 31, 2007. Each Subscription Receipt will entitle the holder to receive one common share of Anderson for no additional consideration on closing of the Acquisition.

We encourage anyone interested in further details on our Company to visit our website at www.andersonenergy.ca.

Advisory

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1993 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

Certain information regarding Anderson Energy Ltd. in this news release including management's assessment of future plans and operations may constitute forward-looking statements under applicable securities laws and necessarily involve risks. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Additional information regarding factors that could affect Anderson's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at Anderson's website (www.andersonenergy.ca). This press release contains statements concerning the anticipated completion date of the Offering and the anticipated amount and use of the proceeds of the Offering. Although the Corporation believes that these forward-looking statements are reasonable, undue reliance should not be placed on them because Anderson can give no assurance that they will prove to be correct. The completion of the Acquisition could be delayed if Anderson is not able to obtain the necessary regulatory approvals on the timelines it has planned. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Anderson does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Anderson Energy Ltd.
    Brian Dau
    President and Chief Executive Officer
    (403) 206-6000
    Website: www.andersonenergy.ca