2010-05-18-2010-04-05

To acquire company with operations in Colombia.

Benchmark Energy Corp., Calgary, (Toronto Venture: BEE) plans to acquire privately held, Calgary-based Bolivar Energy Inc. in a deal worth approximately C$24.7 million.

Benchmark plans to exchange 137 million common shares for all of Bolivar's issued and outstanding shares. Benchmark's shares closed at C$0.18 the last trading day before the deal was announced.

Bolivar has a 35% working interest in Block LLA-24 in Colombia's Llanos Basin.

Members of Bolivar's management team founded privately held Prospero Hydrocarbons Inc., which was acquired by Alange Energy for C$51 million in 2009. Bolivar's management is expected to assume executive roles at Benchmark upon closing.

Benchmark has a 25.5% interest in the Sierra exploration and production contract in Colombia, where the company's Recio 1 well has been cased and is being tested as a potential oil discovery.

In conjunction with the acquisition, Benchmark plans to privately place shares for gross proceeds of between C$10 million and C$15 million, which will be used for the resulting company's exploration and general expenses.

Versant Partners Inc. is financial advisor to Benchmark. Raymond James Ltd. is financial advisor and Haywood Securities Inc. is strategic advisor to Bolivar.