Cyries Energy Inc.
TSX : CYS

Cyries Energy Inc.

November 30, 2006 12:21 ET

Cyries Energy Inc. Acquires Approximately 89% of Dual Exploration Inc.

CALGARY, ALBERTA--(CCNMatthews - Nov. 30, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cyries Energy Inc. ("Cyries") (TSX:CYS) announces today that it has acquired approximately 89% of the outstanding shares (calculated on a diluted basis) of Dual Exploration Inc. ("Dual") (DLX - TSX) in exchange for 0.167 of a Cyries share for each Dual share pursuant to its offer and takeover bid circular dated October 24, 2006.

The initial expiry time for the offer by Cyries to acquire the Dual common shares was 5:00 p.m. on November 29, 2006. All of the conditions to the offer by Cyries have been satisfied and Cyries has given instructions to the depositary to take up all of the Dual common shares deposited to the offer. Cyries will pay for such shares in accordance with applicable securities laws and the acquisition agreement between Cyries and Dual.

Cyries has extended its offer to 5:00 p.m. (Calgary time) on December 11, 2006 to allow additional time for the Dual shareholders who have not deposited their Dual common shares to tender their shares to the offer. Subsequent thereto, Cyries intends to acquire all of the remaining Dual common shares not deposited under the offer pursuant to the compulsory acquisition procedures, if available, or pursuant to a subsequent acquisition transaction, and to de-list the Dual common shares from the Toronto Stock Exchange.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The Cyries Energy Inc. common shares have not been nor will be registered under the United States Securities Act of 1933, and they 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 included in this press release is forward-looking. Forward-looking statements regarding possible events, conditions or results are based on assumptions about future economic conditions and courses of action and include future orientated financial information with respect to prospective results of operations, financial position and cash flows of Cyries. Forward-looking statements may include, without limitation, statements relating to the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Cyries and potential acquisitions. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues", or similar words.

Although Cyries believes the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Cyries' annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Cyries' actual performance and financial results in future periods to differ materially from any conclusion, forecast, projection of future performance or results of operations expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and Cyries does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

Contact Information

  • CYRIES ENERGY INC.
    Donald F. Archibald
    Chairman & C.E.O.
    (403) 262-9609
    (403) 262-0055 (FAX)