Divestco Inc.

Divestco Inc.
BlueGrouse Seismic Solutions Ltd.

May 02, 2007 08:00 ET

Shareholders of BlueGrouse Approve Plan of Arrangement With Divestco Inc.

CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) - BlueGrouse Seismic Solutions Ltd. (TSX VENTURE:BGH) and Divestco Inc. (TSX:DVT) are pleased to announce that at the annual and special meeting of BlueGrouse shareholders held on May 1, 2007 shareholders of BlueGrouse voted 99.95 % in favour of the previously announced arrangement transaction involving BlueGrouse and Divestco. The requisite final court approval has been obtained in respect of the arrangement, and BlueGrouse and Divestco expect that the arrangement will close and become effective in the next few business days. Pursuant to the plan of arrangement, BlueGrouse shareholders will receive 0.3125 Divestco shares for each one BlueGrouse share held.

The Exchange acknowledges that the Company has entered into a plan of Arrangement between the Company, Divestco Inc, and 1286960 Alberta Ltd. as outlined in the Company's Information Circular dated April 2, 2007. It is the Exchange's understanding that the resulting issuer will be listed on the TSX and the shares of BlueGrouse will be delisted from the TSX Venture Exchange upon completion of the Arrangement.

Once completed, the combined entity will have one of Western Canada's largest premier seismic databases with approximately 90,000 kilometers of 2D data and over 10,000 square kilometers of 3D data.

We are pleased to announce that once the arrangement becomes effective the following individuals have agreed join the Divestco Seismic Limited Partnership in the following roles: Todd Chuckry as President, Lonn Hornsby as Senior Vice President, Operations, and Rob Oulton as Vice President, Sales and Marketing.

BlueGrouse Seismic Solutions Ltd. is a Calgary-based company focused on providing the oil and natural gas industry with quick, reliable access to cost-effective, high-resolution seismic data. BlueGrouse has four main components to its business model: Data Library, Multi-Client Services, Data Brokerage and Data Management. BlueGrouse trades on the TSX Venture Exchange under the symbol BGH. (www.bluegrouse.ca)

Divestco is an innovative software, data, services, and consulting company providing integrated solutions for the oil and gas industry. By implementing a strategy of integration between our software, services, and datasets, and potentially all three together, we are creating a unique set of offerings. Divestco is headquartered in Calgary, Alberta, Canada and trades on the Toronto Stock Exchange under the symbol "DVT".

Statements in this document that may be considered forward-looking are based on management's current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

The TSX or TSX Venture has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6466
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450
    Website: www.divestco.com
    BlueGrouse Seismic Solutions Ltd.
    Mr. Todd Chuckry
    President & CEO
    (403) 264-4224
    Website: www.bluegrouse.ca