Shiningbank Energy Income Fund
TSX : SHN.UN

Shiningbank Energy Income Fund
Blizzard Energy Inc.
TSX : BZZ

Blizzard Energy Inc.

July 28, 2005 17:09 ET

Shiningbank Energy Income Fund and Blizzard Energy Inc. Jointly Announce Securityholder and Court Approval of Plan of Arrangement

CALGARY, ALBERTA--(CCNMatthews - July 28, 2005) -

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Shiningbank Energy Income Fund (TSX:SHN.UN) ("Shiningbank") and Blizzard Energy Inc. (TSX:BZZ) ("Blizzard") jointly announce today that Blizzard received securityholder approval at its special meeting for the previously announced plan of arrangement. Shareholders, optionholders and warrantholders of Blizzard voted 97.9% in favour of the plan of arrangement which included approval of the plan of arrangement, the stock option plan of Zenas Energy Corp. ("Zenas") and the initial $6.0 million private placement by Zenas. Shiningbank and Blizzard have also received approval of the Court of Queen's Bench of Alberta and all other necessary regulatory approvals. It is expected that the plan of arrangement will become effective August 2, 2005. In addition, the common shares of Zenas have been conditionally approved for listing on the Toronto Stock Exchange (the "TSX") and are expected to start trading under the symbol "ZNS" on Thursday, August 4, 2005, subject to Zenas fulfilling the listing requirements of the TSX.

Contact Information

  • SHININGBANK ENERGY LTD.
    David M. Fitzpatrick
    President and C.E.O.
    (403) 268-7477 or Toll Free 1-866-268-7477
    or
    SHININGBANK ENERGY LTD.
    Bruce K. Gibson
    Vice President, Finance and C.F.O.
    (403) 268-7477 or Toll Free 1-866-268-7477
    (403) 268-7499 (FAX)
    Email: irinfo@shiningbank.com
    Website: www.shiningbank.com
    or
    BLIZZARD ENERGY INC.
    John Rooney
    President and C.E.O.
    (403) 662-2440
    or
    BLIZZARD ENERGY INC.
    Hal Metcalfe
    Vice-President, Finance and C.F.O.
    (403) 662-2440
    Website: www.blizzardenergy.ca
    or
    ZENAS ENERGY CORP.
    John Rooney
    President and C.E.O.
    (403) 662-2440
    or
    ZENAS ENERGY CORP.
    Hal Metcalfe
    Vice-President, Finance and C.F.O.
    (403) 662-2440