C&C Energy Canada Ltd.

April 01, 2010 19:46 ET

C&C Energy Canada Ltd. Files Preliminary Prospectus and Announces New Management Positions

CALGARY, ALBERTA--(Marketwire - April 1, 2010) -


C&C Energy Canada Ltd. ("C&C" or the "Company") is pleased to announce that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with a proposed initial public offering and secondary offering of its common shares. Upon completion of the offering, the Company proposes to change its name to C&C Energia Ltd.

The prospectus will qualify the distribution of common shares pursuant to a treasury offering by the Company and a secondary offering by an affiliate of Denham Commodity Partners Fund IV LP (the "Selling Shareholder"), which is currently the largest shareholder of C&C Energy (Barbados) Ltd. ("C&C Barbados"), in which C&C currently holds 48.5% of the issued and outstanding voting shares and through which the Company's Colombian oil and gas exploration and development activities are conducted.

The syndicate of underwriters for the offering is led by FirstEnergy Capital Corp. and includes GMP Securities L.P., Canaccord Financial Ltd. Cormark Securities Inc., Haywood Securities Inc., Macquarie Capital Market Canada Ltd., and Scotia Capital Inc.

A copy of the Company's preliminary prospectus will be available on SEDAR at www.sedar.com.

C&C also is pleased to announce new appointments to the senior management team, in the Calgary corporate office, to complement its strong operational team in Bogota, Colombia. Recent senior appointments include:

- Dr. Richard A. Walls as President and Chief Executive Officer. Dr. Walls has been involved in the Canadian and U.S. oil and gas industry with more than 33 years of experience and is the Chairman of Fairborne Energy Ltd.

- Randy P. McLeod as Chief Operating Officer. Mr. McLeod is a Professional Engineer with nearly 30 years of experience in the oil and gas industry and was the Chief Operating Officer of BP Canada Energy Company.

- Ken Hillier as Chief Financial Officer. Mr. Hillier is a Chartered Accountant and was most recently the Chief Financial Officer at Verenex Energy Inc.

In addition to these appointments:

- Dr. Tomas Villamil, one of the founders of C&C, will become the Executive Vice President of Exploration for the Company.

- Victor Hugo Franco will continue in his role as Country Manager, Colombia.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

A preliminary prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in the jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus can be obtained from FirstEnergy Capital Corp., c/o Bridget G. Mahoney, Vice President, Syndication, telephone (403) 262-0627, from any of the other underwriters listed above or from your IIROC registered financial advisor. There will not be any sale or acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

About C&C Energy Canada Ltd.

C&C is engaged in the exploration for, and the acquisition, development and production of, oil resources in Colombia.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of C&C, including, without limitation, those listed under the headings "Notice to Investors - Special Note Regarding Forward-Looking Statements" and "Risk Factors" in C&C's preliminary prospectus. Forward-looking information in this press release includes, but is not limited to, information concerning the proposed initial public offering. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, C&C does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • C&C Energy Canada Ltd.
    Richard A. Walls
    President & C.E.O.