Nevarro Energy Ltd.

Nevarro Energy Ltd.

July 04, 2005 17:53 ET

Nevarro Energy Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - July 4, 2005) -

Not for distribution to United States newswire services or for dissemination in the United States.

Nevarro Energy Ltd. (TSX VENTURE:NEL) ("Nevarro") announces that Fortress Financial Corp. ("Fortress") has mailed a notice of extension and variation of its previously mailed cash offer to the Nevarro shareholders to acquire by way of take-over bid all of the outstanding Nevarro common shares.

The consideration being offered has been increased by a further $0.05 and is now $2.60 per common share. The revised offer will be now be open for acceptance until July 25, 2005.

Nevarro has been informed by Fortress that the loan facility which Fortress has arranged to pay for the purchase of the Nevarro shares has not yet been made available to Fortress as a result of further due diligence requests by the offshore lending company which is arranging the loan facility. The extension will provide additional time for Fortress to conclude its arrangements with its lender or to obtain an alternate source of financing.

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

Contact Information

  • Nevarro Energy Ltd.
    J.W. Grant Robertson
    Vice-President Business Development
    (403) 231-1230
    Nevarro Energy Ltd.
    Rick Bennett
    (403) 231-1235