Advantage Energy Income Fund Converted Into Advantage Oil & Gas Ltd.
10 July 2009 - 8:59AM
PR Newswire (US)
CALGARY, July 9 /PRNewswire-FirstCall/ -- Advantage Oil & Gas
Ltd. ("AOG" or the "Corporation") (AAV - TSX, AAV - NYSE) announced
today that it has completed the previously announced plan of
arrangement (the "Arrangement") involving AOG and Advantage Energy
Income Fund (the "Fund"), pursuant to which, the Fund converted
into the Corporation. Unitholders of the Fund voted 91.64% in
favour of the Arrangement at the annual general and special meeting
of Fund unitholders held earlier in the day. In accordance with the
terms of the Arrangement, former unitholders of the Fund who have
or will complete the letter of transmittal provided to such
unitholders will receive common shares of AOG on a one-for-one
basis. In addition, as part of the Arrangement, the Fund was
dissolved and the Corporation assumed all of the existing
liabilities of the Fund, including the Fund's convertible
debentures which are now convertible debentures of the Corporation.
It is anticipated that the Corporation's common shares and
convertible debentures will commence trading on the Toronto Stock
Exchange under the new trading symbols "AAV", "AAV.DB.C",
"AAV.DB.D", "AAV.DB.E", and "AAV.DB.G" and the Corporation's common
shares will commence trading on the New York Stock Exchange under
the symbol "AAV" on or about July 14, 2009. The trust units and
convertible debentures of the Fund will be delisted at this time as
well. At the annual general and special meeting of the Fund,
unitholders also approved the Shareholders' Rights Plan and the
Restricted Share Performance Incentive Plan of AOG. At the annual
general and special meeting of the Fund, unitholders also appointed
Stephen Balog, Kelly I. Drader, Paul Haggis, John A. Howard, Andy
J. Mah, Ronald A. McIntosh, Sheila O'Brien, Carol D. Pennycook and
Steven Sharpe as directors of the Corporation. Messrs. Gary
Bourgeois and Rodger Tourigny did not stand for re-election as
directors and AOG would like to express its sincere thanks to
Messrs. Bourgeois and Tourigny for their dedicated service to the
Corporation and the Fund over the previous eight years. Advisory
The information in this press release contains certain
forward-looking statements including, without limitation, the
anticipated timing of the listing of AOG's common shares on the
Toronto Stock Exchange and New York Stock Exchange; the listing of
the convertible debentures on the Toronto Stock Exchange and the
delisting of the Fund's trust units on the New York Stock Exchange
and Toronto Stock Exchange and delisting of the convertible
debentures on the Toronto Stock Exchange. These statements relate
to future events or our future performance. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe", "would" and similar expressions. These
statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond AOG's control,
including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced; fluctuations in commodity prices and
foreign exchange and interest rates; stock market volatility and
market valuations; volatility in market prices for oil and natural
gas; liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital,
acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry; geological, technical,
drilling and processing problems and other difficulties in
producing petroleum reserves; and obtaining required approvals of
regulatory authorities. AOG's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits that AOG will derive from them. Except as
expressly required by law, AOG undertakes no obligation to publicly
update or revise any forward-looking statements. DATASOURCE:
Advantage Oil & Gas Ltd. CONTACT: Investor Relations, Toll
free: 1-866-393-0393, ADVANTAGE OIL & GAS LTD., 700, 400 - 3rd
Avenue SW, Calgary, Alberta, T2P 4H2, Phone: (403) 718-8000, Fax:
(403) 718-8300, Web Site: http://www.advantageog.com/, E-mail:
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