Vault Energy Trust
TSX : VNG.UN

Vault Energy Trust

June 13, 2005 06:00 ET

Chamaelo Energy Inc. Announces Termination of Come-Along Agreement and Revised ExploreCo Net Asset Value per Share

CALGARY, ALBERTA--(CCNMatthews - June 13, 2005) - Chamaelo Energy Inc. (TSX:CLO) ("Chamaelo") announces is has decided not to proceed with the assignment and assumption agreement (the "Come-Along Agreement") as described in its Information Circular dated May 20, 2005 (the "Information Circular") whereby Orbus Pharma Inc. would become a party to the Arrangement as the ExploreCo. as defined in the Information Circular.

Because of the termination of the Come-Along Agreement, ExploreCo's Proforma Shares outstanding will be reduced and the pre-tax Net Asset Value ("NAV") changes as tabled below.



------------------------------------------------------------------------
Original New
Calculation Calculation
------------------------------------------------------------------------

Prior to 5:1 Prior 5:1
Notes consolidation consolidation
------------------------------------------------------------------------
Pre-tax NAV as previously released (1) 41,521 41,521
------------------------------------------------------------------------

------------------------------------------------------------------------
Proforma Basic Shares outstanding (2) 75,624 71,294
------------------------------------------------------------------------

------------------------------------------------------------------------
NAV per Basic Share $0.55 $0.58
------------------------------------------------------------------------

Notes:
(1) Further details of NAV included in June 2, 2005 Press Release.
(2) Excludes 3.7 million pre-consolidated warrants at $0.62 per share
and is prior to proposed private placement.
(3) All figures are Canadian dollars unless otherwise noted.


ExploreCo's proposed private placement issue price will also be revised from $3.08 per share (attached warrant at $5.50) to $3.25 per share (attached warrant at $5.80).

Forward Looking Statements

This Press Release may contain forward-looking information that involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. Such risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry (e.g. - operational risks in exploration, development and production; changes and/or delays in the development of capital assets; uncertainty of reserve estimates; uncertainty of estimates and projections relating to production and costs; commodity price fluctuations; environmental risks; and industry competition).

Chamaelo is a publicly held oil and gas company headquartered in Calgary, Alberta, Canada that trades under the symbol "CLO" on the Toronto Stock Exchange.

Contact Information

  • CHAMAELO ENERGY INC.
    Robert J. Zakresky
    President
    (403) 232-8575 (ext. 226)
    or
    CHAMAELO ENERGY INC.
    Greg Fisher
    Vice President Finance
    (403) 232-8575 (ext. 229)
    or
    CHAMAELO ENERGY INC.
    Robert T. Jepson
    Executive Vice President
    (403) 232-8575 (ext. 225)
    or
    CHAMAELO ENERGY INC.
    700, 639 - 5th Ave SW
    Calgary, Alberta T2P 0M9
    (403) 232-8575
    (403) 264-0061 (FAX)
    Website: www.chamaelo.ca