Enterprise Oil Limited

Enterprise Oil Limited

August 16, 2005 19:20 ET

Enterprise Oil Limited: TSX Venture Exchange Conditional Acceptance of Acquisition of Assets from A & G Grant Construction (1983) Inc. and SEDAR Filing of Filing Statement

ST. ALBERT, ALBERTA--(CCNMatthews - Aug. 16, 2005) - Further to its news release issued August 3, 2005, Enterprise Oil Limited (TSX VENTURE:EON.P) (the "Corporation) is pleased to announce that the Filing Statement of the Corporation relating to the proposed purchase of the business assets of A&G Grant Construction Inc., other than real property, as a going concern (the "Proposed Transaction") was filed on SEDAR on August 16, 2005.

The TSX Venture Exchange (the "TSXV") has conditionally approved the Proposed Transaction and it is intended that the Proposed Transaction will constitute the Corporation's "Qualifying Transaction" under the policies of the TSXV. Conditional approval is subject to the Corporation fulfilling all of the filing requirements of the TSXV for final approval of the TSXV as the Corporation's Qualifying Transaction.

It is expected that the closing of the Proposed Transaction will occur on or about August 24, 2005.

Trading in the Corporation's Common Shares has been halted since April 22, 2005. Trading is expected to resume a few days prior to closing of the Proposed Transaction.

The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Enterprise Oil Limited
    Leonard Jaroszuk
    President and Chief Executive Officer
    (780) 418-0608
    Email: jaroszuk@shaw.ca