SignalEnergy Inc.

July 29, 2005 23:59 ET

Goose River and SignalEnergy announce shareholder and Court approvals received

CALGARY--(CCNMatthews - July 29) - Goose River Resources Ltd. and SignalEnergy Inc. are pleased to announce the proposed arrangement involving Goose River, SignalEnergy and G2 Resources Inc. has received the requisite approvals from Goose River's shareholders and the Court of Queen's Bench of Alberta. The plan of arrangement is expected to be effective August 8, 2005.

Trading in the shares of Goose River was halted today at the request of Goose River, pending the closing of the arrangement and further news. Upon the filing of the plan of arrangement on August 8, 2005, the shares of Goose River will be acquired by SignalEnergy and consequently delisted from the TSX Venture Exchange.

Under the arrangement, Goose River's shareholders were entitled to elect to receive cash, shares of SignalEnergy or a combination of cash and SignalEnergy shares, subject to such consideration being prorated in the event that Goose River's shareholders elected to receive more than an aggregate of 21,250,000 SignalEnergy shares or more than $10,000,000. Shareholders chose to receive more than the aggregate number of SignalEnergy shares available and, accordingly, the number of SignalEnergy shares issuable is being prorated. Specifically:

- those shareholders of Goose River who elected to receive the share consideration (or who did not make an election) will receive 0.769216 SignalEnergy shares and $0.073234 for each share of Goose River held;

- those shareholders of Goose River who elected to receive the combination of share and cash consideration will receive 0.556060 SignalEnergy shares and $0.330048 for each share of Goose River held; and

- those shareholders who elected to receive the cash consideration will receive $1.00 for each share of Goose River held.

A further announcement will be made when the dates may be confirmed for the filing of the arrangement and the distribution of the cash and shares issued pursuant to the arrangement.

Additional details with respect to the plan of arrangement are contained in the information circular mailed to Goose River's shareholders in connection with the special meeting held July 28, 2005. The information circular is available on SEDAR at, under Goose River's company profile.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

    J. Cameron Bailey
    President and Chief Executive Officer
    (403) 398-3345
    (403) 398-3366(FAX)


    Curtis A. Hartzler
    (403) 263-4310
    (403) 263-4368(FAX)