Expand Energy Corporation

July 20, 2011 12:22 ET

Expand Energy Corporation Announces Results of Shareholders' Meeting, Change of Name, Private Placement Equity Financing and Recent Developments

CALGARY, ALBERTA--(Marketwire - July 20, 2011) -

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Expand Energy Corporation (the "Corporation") is pleased to announce the results of its recent shareholders' meeting, private placement financing and recent developments.

Shareholders' Meeting

The Corporation held a shareholders' meeting on June 6, 2011. At the meeting, the Corporation's shareholders, who voted, passed the following shareholder resolutions:

1. special resolution, as more particularly described in the management information circular prepared for the shareholders' meeting (the "Circular") approving an amendment to the Articles of Incorporation of the Corporation including to effect the change of name of the Corporation from "Kemosabe Energy Inc." to "Expand Energy Corporation";

2. ordinary resolution, as more particularly described in the Circular, approving and adopting the Amended and Restated By-Law Number 1 of the Corporation;

3. ordinary resolution, electing the following individuals to Corporation's board of directors for the ensuing year: Ken Acheson, Kerry Lyons, Graham Kidd, Michael Knapp, Robert Rowley and Michael S. Vandale. After the shareholders' meeting and completion of the equity financing, Russell W. Longley was appointed to the board of directors; and

4. ordinary resolution, as more particularly described in the Circular, providing approval of the stock option plan of the Corporation.

Change of Name of the Corporation

Effective June 7, 2011 the name of the Corporation was changed from "Kemosabe Energy Inc." to "Expand Energy Corporation".

Private Placement

The Corporation is pleased to announce that it has closed an equity financing and has issued 11,030,191 common shares in the capital of the Corporation (a "Common Share") at a price of $0.90 per share and 3,335,720 flow-through shares ("Flow-Through Shares") at a price of $1.05 per share for aggregate gross proceeds of approximately $13.43 million.

Dundee Securities Ltd. acted as sole agent for the financing.

Recent Developments

Expand has secured over 20,000 acres of contiguous high working interest land, with multiple prospective oil zones. Expand has retained Tristar Resource Management to manage the Corporation's drilling and completions activities. Plans have been initiated for its Q3 2011 Montney oil drilling program.

About Expand Energy Corporation

Expand Energy Corporation is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in Western Canada.

Expand Energy Corporation

Russell W. Longley, President and Chief Executive Officer

Contact Information

  • Expand Energy Corporation
    Russell W. Longley
    President and Chief Executive Officer
    (403) 988-0257
    rlongley@expandenergy.ca