2009-08-10-2008-08-01

Offered to acquire co. involving 65 Bcfg gross/115,000 BOE gross proved, 4,043 BOE/d.

Ember Resources Inc., Calgary, (Toronto: EBR) has revised its unsolicited rival bid for Cordero Energy Inc., Calgary, (Toronto: COR) to a deal value of C$70 million. Ember has offered C$5.50 per Cordero share in either cash or 2.683 Ember shares at a deemed price of C$2.05 each. This deal comes after the C$4.75-per-share offer by Enmax Acquisition Corp., a subsidiary of Calgary-based Enmax Corp. Ember will fund C$55 million of the cash component through a subscription-receipts issuance and pay the balance from its credit facilities. Cordero reported that it was unable to determine if Ember's previous offer was superior to the Enmax offer. Cordero has assets on 134,708 net acres in Alberta and British Columbia , primarily in the Malmo area of Alberta which features 250 possible well locations. Production as of Dec. 31 was 4,043 barrels of oil equivalent per day. Proved reserves as of Dec. 31 were 65.1 billion gross cubic feet of gas (55.8 billion net), 115,000 gross barrels of oil (106,000 net) and 80,000 gross barrels of gas liquids (58,000 net).