TUSK Energy Corporation

TUSK Energy Corporation

April 09, 2009 16:19 ET

TUSK Energy Corporation Announces Completion of Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - April 9, 2009) - TUSK Energy Corporation ("TUSK") (TSX:TSK) is pleased to announce that the acquisition of TUSK by Polar Star Canadian Oil and Gas, Inc. ("Polar Star"), a venture indirectly owned by the Teachers Insurance and Annuity Association of America ("TIAA"), by way of a plan of arrangement (the "Arrangement") was completed today.

Under the Arrangement, holders of TUSK's outstanding common shares (the "Shares") are entitled to receive CDN$2.15 per Share. The Shares are expected to be de-listed from the Toronto Stock Exchange ("TSX") on or about April 15, 2009. In order to receive the consideration for their Shares, TUSK shareholders must surrender the certificates representing their Shares in accordance with the instructions set forth in the Information Circular of TUSK dated February 27, 2009 and the accompanying Letter of Transmittal. Any questions and requests for assistance may be directed to the offices of the depositary, Computershare Investor Services Inc., toll-free at 1-800-564-6253 or by email at corporateactions@computershare.com.

Forward Looking Information

Information as to the timing of the de-listing of the Shares from the TSX is forward-looking information. The timing of the de-listing of the Shares from the TSX is based on the closing date of the Arrangement and the decision of the TSX. The de-listing of the Shares from the TSX is subject to certain documents to be provided to the TSX; the timing of the de-listing of the Shares is subject to the requirements of the TSX. Accordingly, the actual timing of the de-listing of the Shares from the TSX may vary from the timing expressed in this press release.

Consequently, the timing of the de-listing contained in this press release is qualified by these cautionary statements and there can be no assurance that de-listing of the Shares will occur as stated. TUSK assumes no obligation, except as required by law, to update publicly the timing of the de-listing of the Shares. Readers should not place undue reliance on the timing of the de-listing of the Shares.

TUSK Energy Corporation

TUSK is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in the northwestern part of the Western Canadian Sedimentary Basin. TUSK is developing natural gas in the Conroy area of northeastern British Columbia and light oil and natural gas in the Peace River Arch area of northern Alberta. TUSK has 90,443,888 common shares outstanding.


TIAA is a New York-based life insurance company; CREF is a companion organization to TIAA and a SEC-registered Investment Company. Together, TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $363 billion in combined assets under management (as of 12/31/08) and is the leading provider of retirement services in the academic, research, medical and cultural fields.


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