Total E&P Canada Ltd., a wholly-owned subsidiary of Total, announces that it is mailing a notice of variation and extension of its offer to acquire the issued and outstanding shares of Deer Creek Energy Ltd. pursuant to its take-over bid circular dated August 5, 2005.
Having been informed by Deer Creek of a competing proposal, Total has decided to exercise its right to match the competing proposal as stipulated in the agreement signed August 2, 2005.
Accordingly, Total has increased its previous offer to 31 Canadian dollars per share. The time during which the offer is open for acceptance has been extended to 1:00 AM Calgary time September 13th 2005.
The Board of Directors of Deer Creek has agreed to the amendments and continues to unanimously recommend the offer to the shareholders of the company.
Total E&P Canada has received all necessary regulatory approvals regarding its offer.
|