2009-08-15-2009-03-01

To buy company.

The previously unsolicited offer by Rosco SA, a unit of Geneva, Switzerland-based oil conglomerate Vitol Holding Sarl, to acquire Arawak Energy Ltd., Jersey, U.K., (London, Toronto: AAK) has been accepted with an increased offering of C$1 per share in a deal valued at C$182.6 million. Rosco previously offered C$0.90 per share, and Arawak and Rosco's boards negotiated an increased offer. Vitol Holding currently owns 75.7 million shares, or 41.43%, of Arawak. Arawak has operations in Kazakhstan, Russia and Azerbaijan. Proved and probable reserves as of Dec. 31, 2007, were 67.8 million barrels of oil. Arawak chairman James H. Coleman says, "We are pleased to have negotiated an acceptable path forward with Rosco. The enhanced terms of the offer will permit Arawak shareholders to take advantage of this cash offer on a timely basis." RBC Capital Markets is financial adviser to Arawak. Arawak's independent reserve auditors are Ryder Scott Co. LP and McDaniel & Associates Consultants Ltd.