Cordero Energy Inc.

Cordero Energy Inc.

March 10, 2008 19:33 ET

ENMAX Mails Offer for Cordero Energy Inc. Shares

CALGARY, ALBERTA--(Marketwire - March 10, 2008) - Cordero Energy Inc. ("Cordero" or the "Corporation") (TSX:COR) announced today that ENMAX Acquisition Corp. ("ENMAX"), an indirect wholly-owned subsidiary of ENMAX Corporation, has mailed formal offer documents to holders of outstanding securities of Cordero in connection with an offer to acquire all of the common shares of Cordero (the "Cordero Shares")for $4.35 cash per share (including any Cordero Shares issued on the exercise or conversion, as applicable, of outstanding options, warrants and other convertible securities prior to the expiry time of the offer (the "Offer")). The Offer will remain open for acceptance until 4:30 p.m. (Calgary time) on April 15, 2008, unless withdrawn or extended. The Offer is conditional upon, among other things, there being validly deposited under the Offer (and not withdrawn) prior to the expiry time of the Offer (and at the time ENMAX first takes up Cordero Shares deposited under the Offer) (i) not less than 66 2/3 percent of the outstanding Cordero Shares, calculated on a diluted basis, and, without duplication, (ii) not less than 50% of the outstanding Cordero Shares, calculated on a diluted basis, excluding Cordero Shares that may not be included as part of the minority approval required in connection with any second stage transaction. A second stage transaction is one which ENMAX may wish to undertake to acquire Cordero Shares not deposited under the Offer.

A directors' circular setting out the recommendation of the Board of Directors of Cordero in relation to the Offer has also been mailed to holders of securities of Cordero. The Board of Directors of Cordero, after consultation with its legal and financial advisors, and after receipt of an opinion from its financial advisor, Tristone Capital Inc., has unanimously recommended that Cordero shareholders accept the Offer and tender their Cordero Shares to the Offer.

Copies of the formal Offer and related documents and the Directors' Circular (in both the English and French languages) have been filed with various securities regulatory authorities in Canada and are available on the SEDAR web site (, under Cordero's SEDAR profile.

Cordero is an independent exploration and development company pursuing conventional oil and natural gas production and reserves as well as coalbed methane development in western Canada. Cordero is based in Calgary, Alberta.

Contact Information

  • Cordero Energy Inc.
    David Elgie
    President and Chief Executive Officer
    (403) 265-7006
    Cordero Energy Inc.
    Dean Setoguchi
    Vice President and Chief Financial Officer
    (403) 265-7006