Talara Opportunities V, LP

December 24, 2015 16:42 ET

Talara Opportunities V, LP: Acquisition of Common Shares of Caza Oil & Gas, Inc.

NEW YORK, NEW YORK--(Marketwired - Dec. 24, 2015) -

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

In connection with completion of the previously-announced US$45.5 million equity financing of Caza Oil & Gas, Inc. ("Caza") by Talara Opportunities V, LP ("Talara"), this announcement is made by Talara to comply with certain formalities under Canadian securities legislation.

On December 23, 2015, Talara acquired ownership and control of 9,467,419,937 newly-issued Caza common shares pursuant to a private placement transaction. The acquired shares represented approximately 97.16% of the total common shares outstanding following completion. All such shares were issued by Caza from treasury. Talara subsequently disposed of 176,863,889 common shares to members of Caza management, following which it has ownership and control of 9,290,556,048 common shares representing approximately 95.34% of the total outstanding.

The aggregate subscription price paid by Talara under the private placement was US$45,500,000, representing an effective price per share of approximately US$0.0048. Based on the Bank of Canada noon exchange rate on December 23, 2015 of USD 1.00 for CAD 1.3860, the Canadian dollar equivalent of the total subscription price was Cdn. $63,063,000, representing an effective Canadian dollar price per share of approximately Cdn. $0.0067. The common shares subsequently disposed of by Talara to management were sold at the same price per share.

Talara acquired the Caza common shares for investment purposes. Talara may in the future change its ownership or control of Caza securities based on its assessment of market conditions and any other factors it might consider relevant at the time. Such transaction might include a proposal to acquire shares that it does not already hold, although Talara has no obligation to make or consider any such proposal.

A securities acquisition report regarding these transactions has been filed by Talara on SEDAR and is available at www.sedar.com under Caza's issuer profile.

Talara is a private investment fund advised by Talara Capital Management, LLC.

For a copy of the securities acquisition report filed by Talara, please contact:
Talara Capital Management, LLC
120 West 45th Street, 23rd Floor
New York, NY 10036
Tel: (646) 396-6040
Attention: Sharon O'Shea - Chief Compliance Officer

Contact Information

  • Talara Capital Management, LLC
    Sharon O'Shea
    Chief Compliance Officer
    (646) 396-6040