Masters Energy Inc.
TSX : MSY

Masters Energy Inc.

March 31, 2009 18:00 ET

Masters Energy Inc. Announces Mailing of Information Circular and Proxy Statement With Respect to Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - March 31, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Masters Energy Inc. (TSX:MSY) ("Masters") is pleased to announce that Masters' Information Circular and Proxy Statement (the "Information Circular") with respect to the previously announced acquisition of Masters by Zargon Energy Trust, and the annual and special meeting of Masters, has been mailed to the holders ("Masters Shareholders") of Masters common shares ("Masters Shares"). The acquisition is to be effected by way of a Plan of Arrangement (the "Arrangement"). The Information Circular contains a detailed description of the Arrangement and will be available on SEDAR (www.sedar.com). The annual and special meeting of the Masters Shareholders to vote on the Arrangement, among other things, will be held at 10:00 a.m. (Calgary time) on Tuesday, April 28, 2009, at the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta.

Completion of the Arrangement is subject to, among other conditions, the approval of the Court of Queen's Bench of Alberta, receipt of all necessary regulatory approvals and the approval of Masters Shareholders. The Arrangement is expected to close on or about April 29, 2009.

Forward-looking Statements

Certain information regarding Masters, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and natural gas exploration, production, marketing and transportation such as loss of market, volatility of commodity prices, currency fluctuations, uncertainties of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. Masters assumes no obligation to update the forward-looking statements contained herein or to update the reasons why actual results could differ from those contemplated by the forward-looking statements, unless so required by applicable securities law.

Contact Information

  • Masters Energy Inc.
    Geoffrey C. Merritt
    President and CEO
    (403) 290-1785
    or
    Masters Energy Inc.
    Randall P. Boyd
    Chief Financial Officer
    (403) 290-1785
    Website: www.mastersenergy.com