EM Resources Inc.

September 15, 2008 13:00 ET

EM Resources Inc.: Press Release

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2008) - EM Resources Inc. ("EM") is pleased to announce, further to its press release of July 25, 2008, that at the annual and special shareholder meeting held on September 15, 2008, the following special business was approved by shareholders:

a) The continuance of EM from the jurisdiction of Ontario to the jurisdiction of Alberta;

b) The amalgamation of EM with Condor Petroleum Inc. ("Condor"), an arm's length private Alberta corporation. Pursuant to an amalgamation agreement between EM and Condor dated the 25th day of July, 2008, all of the outstanding common shares of EM will be exchanged on a 2:1 basis for common shares of the amalgamated company ("Amalco") and all outstanding common shares of Condor will be exchanged on a 1:1 basis for common shares of Amalco; and

c) The adoption of a stock option plan for Amalco.

Further details relating to regulatory approval and the proposed financing(s) to be completed prior to completion of the amalgamation will be disclosed in future news releases.

This news release contains statements concerning the timing, method of implementation and effect of the proposed amalgamation between EM and Condor, private placements to be completed by Condor prior to the completion of the amalgamation or other expectations, plans, goals, objectives, assumptions, information or statements about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. The following assumptions have been made, in addition to any other assumptions identified in this news release and the reserves report referenced therein: the ability of Condor to obtain financing, equipment, services, personnel and supplies in a timely manner to carry out its activities; future oil and gas prices and general business, economic and market conditions.

Although EM believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because EM can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by EM and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and the risks of operating in Kazakhstan; risks and uncertainties involving the geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of the results of exploration, development and drilling; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; and general business, economic and market conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and EM undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

No stock exchange, securities commission or other regulatory authority has reviewed or approved the contents of this news release.

Contact Information

  • EM Resources Inc.
    Dennis H. Peterson
    Director
    (416) 777-6772
    (416) 352-5693 (FAX)