2009-08-10-2008-04-01-2008-04-01

Acquired all heavy oil assets in Lloydminster area including Dee Valley SAGD, gaining 1,453 BOE/d.

An undisclosed buyer has acquired all of the heavy oil assets in the Lloydminster area of Saskatchewan, including the Dee Valley SAGD property, from Geocan Energy Inc., Calgary, (Toronto: GCA) for C$50.9 million. Average net production is 1,453 barrels of oil equivalent per day. The effective date is Feb. 1. Proceeds were used to redeem C$2.03 million in stock related to the Assure Energy Inc. acquisition, to pay out the company's C$5 million mezzanine financing facility and to pay down a senior bank credit facility by C$41.8 million.