2009-08-11-2008-01-01

To acquire co., gaining assets in Utikuma, AB, properties in SE SK, 34,000 net undeveloped acres. Production 275 BOE/d.

Privately held, Calgary-based Spry Energy Ltd., plans to acquire privately held, Houston-based Golden Eagle Energy Inc. for C$13.5 million (US$19.8 million) in cash and stock. Spry will offer 0.1406 Spry share per Golden Eagle or $0.745 in cash per Golden Eagle share up to a maximum cash amount of C$3.7 million and share issue of 1.85 million. Following the deal, Golden Eagle chairman Daryl Gilbert will join the Spry board. Golden Eagle has various assets in Western Canada, including a joint property with Golden Eagle in Utikuma, Alberta and several oil properties in southeastern Saskatchewan near Golden Eagle properties. Golden Eagle also owns 34,000 net undeveloped acres. Production is approximately 275 barrels of oil equivalent per day. Pro forma, Spry will have production of approximately 1,750 barrels equivalent per day. Jennings Capital Inc. provided a fairness opinion for Golden Eagle. The deal is expected to close in January.