Anderson Energy Ltd.

Anderson Energy Ltd.

April 16, 2007 08:30 ET

Anderson Energy Ltd. Announces Exercise of Over-Allotment Option

CALGARY, ALBERTA--(CCNMatthews - April 16, 2007) -


Anderson Energy Ltd. ("Anderson") (TSX:AXL) is pleased to announce that Cormark Securities Inc., on behalf of syndicate of underwriters including BMO Capital Markets, RBC Capital Markets, Tristone Capital Inc. and GMP Securities L.P. (collectively, the "Underwriters"), has provided notice to Anderson that it has elected to exercise in full the over-allotment option (the "Over-Allotment Option") granted to the Underwriters in connection with the common share offering previously announced on March 29, 2007. Pursuant to an underwriting agreement dated effective March 29, 2007 (the "Underwriting Agreement"), the Underwriters agreed to purchase on a bought deal basis 6,900,000 common shares of Anderson at a price of $4.35 per share for gross proceeds to Anderson of approximately $30 million, and Anderson granted to the Underwriters the Over-Allotment Option to purchase up to an additional 1,035,000 common shares for additional gross proceeds of approximately $4.5 million. The common shares are offered pursuant to a short form prospectus of Anderson dated April 11, 2007.

Proceeds of the offering (including the additional common shares issuable upon the exercise of the Over-Allotment Option) will be used to fund Anderson's capital program and for working capital purposes.

Closing is expected to occur on or about April 24, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.


The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain statements made herein contain forward-looking information, including statements concerning the anticipated closing date of the offering and the anticipated use of proceeds. Although Anderson believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Closing could be delayed if Anderson cannot obtain necessary regulatory approvals within anticipated timelines, and will not be completed unless certain conditions customary for transactions of this kind are satisfied.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Anderson Energy Ltd.
    Brian Dau
    President & CEO
    (403) 262-6307