2009-08-05-2009-08-01-2009-08-01

Bought co. with assets in west-central AB at Ansell and Ricinus, gaining 1.48 MMBOE proved, 250 BOE/d.

Twin Butte Energy Ltd., Calgary, (Toronto: TBE) has acquired privately held Can-Able Energy Ltd. for approximately C$10.3 million in stock and debt. Twin Butte paid 0.58 share per Can-Able share for total of 8,229,968 shares. Twin Butte also assumed approximately C$2.1 million of Can-Able debt. Can-Able's primary assets are based in west-central Alberta at Ansell and Ricinus, and currently produce approximately 250 barrels of oil equivalent per day. Proved reserves as of year-end 2008 are 1.48 million barrels of oil equivalent (2.22 million barrels equivalent proved plus probable). Twin Butte estimates acquisition metrics of C$9.50 per barrel of oil equivalent. Upside includes 16 identified drilling locations.