WPC 2010 Acquisition Corp.

November 25, 2010 18:22 ET

WPC 2010 Acquisition Corp. Completes Acquisition of Circumpacific Energy Corporation

CALGARY, ALBERTA--(Marketwire - Nov. 25, 2010) - Circumpacific Energy Corporation ("Circumpacific") (TSX VENTURE:CER) is pleased to announce that WPC 2010 Acquisition Corp. has completed the previously announced acquisition of all of the outstanding shares of Circumpacific by way of a Plan of Arrangement under the British Columbia Business Corporations Act. Under the terms of the Arrangement, Circumpacific shareholders (other than dissenting shareholders) are entitled to receive $0.18 in cash for each Circumpacific share.

Concurrent with the completion of the Arrangement, Circumpacific also completed the sale of its joint venture interest in certain exploration tenements in South West Queensland, Australia to Drillsearch Energy Ltd.

Following completion of the Arrangement, the shares of Circumpacific were de-listed from trading on the TSX Venture Exchange.

In order to receive the cash consideration for shares of Circumpacific, shareholders must complete, sign and deliver a letter of transmittal along with the certificates representing their shares to Computershare Investor Services Ltd., the Depository under the Arrangement at its office in Calgary, Vancouver or Toronto. Copies of the letter of transmittal were mailed to shareholders along with the Information Circular for the meeting of shareholders held November 10, 2010 to approve the Arrangement and are also available by request to the Depository or under Circumpacific's filings on www.sedar.com.

Contact Information

  • WPC 2010 Acquisition Corp.
    Dennis Feuchuk
    President
    (403) 263-8826 (Ext. 102)
    or
    WPC 2010 Acquisition Corp.
    First Alberta Place
    Suite 2200 - 777 8th Avenue S.W.
    Calgary, Alberta T2P 3R5