Seaview Energy Inc.
TSX VENTURE : CVU.A
TSX VENTURE : CVU.B

Seaview Energy Inc.

July 03, 2008 08:30 ET

Seaview Energy Inc. Announces Execution of Definitive Agreement in Respect of Previously Announced Peace River Arch Strategic Acquisition

CALGARY, ALBERTA--(Marketwire - July 3, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Seaview Energy Inc. ("Seaview" or the "Company") (TSX VENTURE:CVU.A)(TSX VENTURE:CVU.B) is pleased to announce that it has signed a definitive agreement (the "Agreement") with an Alberta based private oil and gas company ("Privateco"), in respect of the strategic acquisition previously announced on June 19, 2008 (the "Acquisition") whereby Seaview will acquire all of the outstanding common shares of Privateco.

In connection with the execution of the Agreement, holders of 89.9% of the issued and outstanding common shares of Privateco have executed lock-up agreements and agreed to tender their Privateco shares to the Seaview offer. Privateco has also agreed that it will not solicit or initiate any discussions concerning the sale of assets or any other business combination and has granted Seaview a 72 hour right to match any superior proposals. The Agreement contains a non-completion fee in the amount of $1.0 million which is payable by Privateco to Seaview in certain circumstances if the Acquisition is not completed.

The Acquisition is expected to close on or about July 24, 2008 and is subject to customary regulatory approvals and other typical conditions for this type of transaction.

Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. Seaview's strategy is to build shareholder value through a balance of exploration and development drilling complemented by a focused acquisition program.

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

Contact Information