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

Seaview Energy Inc.

July 10, 2009 17:16 ET

Seaview Energy Inc. Files Final Short Form Prospectus Qualifying Distribution of Class A Shares Underlying Subscription Receipts

CALGARY, ALBERTA--(Marketwire - July 10, 2009) -

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. (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) ("Seaview" or the "Company") is pleased to announce that it has obtained a final receipt in connection with the filing of a final short form prospectus in the Provinces of Alberta, British Columbia, Ontario and Nova Scotia (the "Offering Jurisdictions") with respect to the qualification of distribution of 11,246,500 Class A shares (the "Qualified Shares") of the Company issuable pursuant to the exercise of the previously issued subscription receipts ("Subscription Receipts").

The Corporation had agreed to use its commercial best efforts to file a (final) short form prospectus qualifying the issuance and distribution of the Qualified Shares issuable upon exercise of the Subscription Receipts in the Offering Jurisdictions and obtain a final passport decision document evidencing a receipt on behalf of each of the securities regulatory authorities in each of the Offering Jurisdictions no later than July 20, 2009.

The Subscription Receipts were issued on June 16, 2009 (the "Closing Date") at a price of $0.95 per Subscription Receipt for gross proceeds of approximately $15.7 million and offered to purchasers in the Offering Jurisdictions on a private placement basis pursuant to prospectus exemptions under applicable securities legislation (the "Offering") through syndicate of underwriters led by National Bank Financial Inc. and including FirstEnergy Capital Corp., CIBC World Markets Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Dundee Securities Corporation and Wellington West Capital Markets Inc. (collectively, the "Underwriters").

The aggregate gross proceeds from the Offering were deposited in escrow and held by Olympia Trust Company, as escrow agent (the "Escrow Agent"), and invested in short-term obligations of, or guaranteed by, the Government of Canada (and other approved investments) pending completion of the Acquisition (as defined herein) pursuant to the terms of a subscription receipt agreement (the "Subscription Receipt Agreement") dated June 16, 2009 among the Corporation, National Bank Financial Inc., on behalf of the Underwriters, and the Escrow Agent. All of the net proceeds of the Offering were used by the Corporation to fund a portion of the purchase price in respect of the acquisition of certain high quality, long life, assets located in the Peace River Arch from a senior public oil and gas company for total consideration of $26.5 million, which was completed on June 30, 2009.

Each Subscription Receipt entitles the holder thereof to receive one Qualified Share on the exercise or deemed exercise of the Subscription Receipt. The Subscription Receipts will be deemed to be exercised into Qualified Shares on the earlier of: (i) the issuance of a final passport decision document in respect of a (final) short form prospectus to be filed by the Corporation qualifying the distribution of the Qualified Shares underlying the Subscription Receipts, which evidences a receipt on behalf of each of the securities regulatory authorities in the Offering Jurisdictions; and (ii) four months and a day following the Closing Date.

The certificate representing the Qualified Shares will be issued in book-entry only form and registered to CDS Clearing and Depositary Services Inc. ("CDS") or its nominee. No certificates representing the Qualified Shares will be issued to subscribers, and registration will be made through the depositary services of CDS. Holders of Qualified Shares will receive only a customer confirmation from the Underwriter or other registered dealer who is a CDS participant and from or through whom a beneficial interest in the Qualified Shares is acquired.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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