Shoreline Energy Fund

August 07, 2009 11:08 ET

Shoreline Energy Fund Completes Acquisition of Hyperion Exploration Inc.

CALGARY, ALBERTA--(Marketwire - Aug. 7, 2009) - Shoreline Energy Fund ("Shoreline") is pleased to announce that it has closed the previously announced acquisition of Hyperion Exploration Inc. ("Hyperion"), a privately held and Calgary oil and gas exploration and production company with assets in northwest Alberta.

Shoreline has nominated a new Board of Directors comprised of Mr. Trevor Spagrud and Mr. Steve Smith previous members of the Hyperion Board, along with new nominees Mr. Trevor Folk, Shoreline Fund Manager, and Mr. Shaun Alspach and Mr. Dan Grisdale, members of executive team of Lakeridge Energy Asset Management, the Technical Consultant to Shoreline.

Concurrent with the closing of the transaction with Shoreline, Hyperion is pleased to announce the closing of an asset acquisition in its Peace River Arch core area. The acquisition adds 31boepd, reserves of 86.8 mboe, 11,660 acres of undeveloped land and up to 24 oil drilling locations.

To complement Shoreline's acquisition strategy, Hyperion is planning to implement Phase 1 of its multi year Peace River Arch drilling program. Hyperion anticipates drilling between 6 and 11 wells between Q4 2009 and Q1 2010 targeting, low risk, Triassic crude oil. This drilling program is expected to add 300 to 500 bbls/d of cummulative, risked, light sweet crude oil.

Shoreline's investment manager and an oil & gas technical consultant team collaborate to identify and fully evaluate opportunistic investments in the Canadian Oil and Gas Sector. A unique analytical process allows the Fund to better understand all investments "up from the well level", which increases the quality of the portfolio. The Technical Consultant Team working along side the investment manager provides the ability for the Fund to own oil & gas assets, with the benefits to the Fund coming from increased control over actual operations that could enhance future value as commodity prices recover.

Contact Information

  • Shoreline Energy Fund
    Mr. Trevor Folk
    Fund Manager
    (416) 993-9678
    Lakeridge Energy Asset Management
    Technical Consultant to Shoreline
    Mr. Shaun E. Alspach
    President and CEO
    (403) 737-9066