CALGARY, ALBERTA--(Marketwired - April 24, 2014) - Santonia Energy Inc. (TSX:STE) ("Santonia") announces the completion of Tourmaline Oil Corp.'s ("Tourmaline") previously announced acquisition of all of the outstanding Santonia common shares pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the Arrangement, which was approved by Santonia shareholders by greater than a 99% majority, Santonia shareholders received 0.03012 of a Tourmaline common share for each Santonia common share resulting in the issue of approximately 3.2 million Tourmaline common shares. It is anticipated that the Santonia common shares will be delisted from trading on the Toronto Stock Exchange within two to three business days from the date hereof.
Peters & Co. Limited acted as exclusive financial advisor to Tourmaline and FirstEnergy Capital Corp. acted as exclusive financial advisor to Santonia with respect to the Arrangement.
Santonia shareholders who have not already done so should submit their certificates representing Santonia common shares to CST Trust Company, the depositary pursuant to the Arrangement, together with applicable letters of transmittal in accordance with the instructions set out therein in order to receive Tourmaline common shares that they are entitled to receive pursuant to the Arrangement. Letters of transmittal were previously sent to Santonia shareholders and additional copies may be obtained by contacting CST Trust Company by telephone at 1-800-387-0825 or by email at email@example.com.
About Tourmaline Oil Corp.
Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.
This news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Tourmaline's control, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Tourmaline's Annual Information Form and in its other filings available on SEDAR at www.sedar.com. Forward-looking information in this news release includes, but is not limited to, information concerning the anticipated date of delisting of Santonia's common shares from the Toronto Stock Exchange. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is made as of the date of this release and, other than as required by applicable securities laws, Tourmaline does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.