Tartan Energy Inc.

Tartan Energy Inc.

February 02, 2006 18:41 ET

Tartan Energy Inc. Announces Completion of Amalgamation

CALGARY, ALBERTA--(CCNMatthews - Feb. 2, 2006) - Tartan Energy Inc. (TSX VENTURE:TEW) ("Tartan") announces that it has completed the amalgamation (the "Amalgamation") with 1202140 Alberta Ltd. ("1202140"), a wholly-owned subsidiary of 1153298 Alberta Ltd. ("1153298"), which is a wholly-owned subsidiary of Nations Energy Company Ltd. The amalgamated corporation will continue as one corporation under the name "Tartan Energy Inc." The shareholders of Tartan approved the Amalgamation at a special meeting held today.

As a result of the Amalgamation, 1153298 acquired and owns all of the issued and outstanding common shares in the capital of the amalgamated corporation.

Holders of common shares of Tartan on the effective date of the Amalgamation, other than 1202140 and any dissenting shareholders, received one redeemable preferred share of the amalgamated corporation for each common share held. The redeemable preferred shares will be redeemed at 5:00 p.m. (Calgary time) on February 3, 2006 for Cdn. $0.63 per share in cash. This price is equal to the amount paid under the take-over bid and offer to purchase dated June 23, 2005, as amended, made by 1153298 for all of the common shares of Tartan not already held by Nations and its affiliates. Preferred shareholders of the amalgamated corporation who have already delivered a duly completed and executed letter of transmittal, together with their Tartan share certificate(s), do not need to take any action to receive their redemption proceeds.

Nations is a privately owned Alberta oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves internationally. Nations' oil production exceeds 45,000 barrels per day. Following the redemption of the redeemable preferred shares, Nations intends to cause the common shares of the amalgamated corporation to be delisted from the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tartan Energy Inc.
    David G. Wilson
    (403) 206-1420