2011-05-04-2011-04-19-2011-06-09

Bought company with 171,000 acres of CBM assets in AB Horseshoe Canyon area, gaining 23.6 MMcfe/d, 106.2 Bcfe proved.

An investor group led by Brookfield Special Situations Group, an investment fund of New York-based Brookfield Asset Management Inc., closed its purchase of Ember Resources Inc., Calgary, (Toronto: EBR) for approximately C$125 million in cash and assumed debt.

The investor group includes funds that are part of Calgary-based private-equity firm ARC Financial Corp., a Ember shareholder, and funds that are part of Calgary-based energy-sector private-equity firm KERN Partners Ltd. group and certain members of Ember management.

The investment group paid C$0.50 per Ember share and ongoing shareholders will receive common shares of a corporation to be formed following the amalgamation of Ember and the company founded by the group to acquire Ember.

The acquisition includes assumption of net debt, liabilities and other obligations totaling approximately C$88 million.

Ember Resources has more than 171,000 acres of coalbed-methane assets in the Horseshoe Canyon area of Alberta, with more than 550 wells.

As of year-end 2010, production was 23.6 million cubic feet of gas equivalent per day. Proved reserves were 106.2 billion cubic feet equivalent and proved and probable reserves were 140.8 billion cubic feet equivalent.

Macquarie Capital Markets Canada Ltd. was financial advisor to Ember.