Cyries Energy Inc.
TSX : CYS

Cyries Energy Inc.

December 12, 2006 09:30 ET

Cyries Energy Inc. Completes Acquisition of Dual Exploration Inc.

CALGARY, ALBERTA--(CCNMatthews - Dec. 12, 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 an additional 4.2% of the outstanding shares (calculated on a diluted basis) of Dual Exploration Inc. ("Dual") (TSX:DLX) 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.

On November 29, 2006, Cyries acquired approximately 89% of the outstanding Dual shares (calculated on a diluted basis) and extended the expiry time for the offer to 5:00 p.m. on December 11, 2006.

The offer has now expired and Cyries has given instructions to the depositary to take up all of the additional Dual 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 intends to immediately acquire all of the remaining Dual shares not deposited under the offer pursuant to the compulsory acquisition procedures of the Business Corporations Act (Alberta) and to de-list the Dual shares from the Toronto Stock Exchange. All of the directors and officers of Dual previously resigned and were replaced by nominees of Cyries.

A total of 5,767,387 Cyries shares were issued in connection with the acquisition of Dual.

As a result of the completion of the acquisition of Dual Cyries' credit facility will increase from $130 million to $145 million.

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)