Business
Madalena Ventures Inc. Strategically Enters the North American Oil & Gas Sector with the Acquisition of Online Energy Inc.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED S...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR\n DISSEMINATION IN THE UNITED STATES/\n\n\nMADALENA VENTURES INC.200, 441 - 5th Avenue S.W. Calgary, Alberta T2P 2V1Telephone:  (403) 233-8010 Facsimile (403) 233-8013TSXV Trading Symbol: MVNONLINE ENERGY INC.200, 707 - 7th Avenue S.W. Calgary, Alberta T2P 3H6Telephone:  (403) 262-1901 Facsimile (403) 262-1905TSXV Trading Symbol: ONL\n\n\nCALGARY, Sept. 4, 2012 /CNW/ - Madalena Ventures Inc. (\"Madalena\") (TSX-V: MVN), an international upstream oil and gas company and\n Online Energy Inc. (\"Online\") (TSX-V: ONL), a domestic oil and gas company with operations in\n Alberta, are pleased to jointly announce that they have entered into a\n pre-acquisition agreement (the \"Pre-Acquisition Agreement\") pursuant to which Madalena will, subject to certain conditions, make\n an offer to acquire all of the issued and outstanding common shares of\n Online (\"Online Shares\") by way of a take-over bid (the \"Offer\").  Under the terms of the Pre-Acquisition Agreement, Madalena will pay\n $0.35 cash per Online Share for a total purchase price of $20.3\n million, which includes the assumption of Online's debt in the amount\n of approximately $4.0 million excluding transaction costs and\n severance.  Based on the 20 day volume weighted average trading price\n of the Online Shares on the TSXV ending August 31, 2012, Online's\n shareholders will receive a 52% premium for each Online Share held. \n Madalena intends to fund the purchase price from its current working\n capital.\n\n\nOnline is a junior exploration and production company which currently\n operates exclusively in Alberta, Canada.  Its assets include 145 net\n sections of land (net 76.4% average working interest) in the Paddle\n River area of central Alberta across multiple light oil and\n liquids-rich gas resource plays.  Online's resource plays are\n highlighted by the Ostracod light oil (43 of the 145 net sections) and\n Nordegg light oil and liquids-rich gas (131 of the 145 net sections)\n plays, and are complemented by the Rock Creek, Notikewan, Wilrich and\n Duvernay oil and liquids-rich gas plays.  Online has current production\n of approximately 400 boe/d (37% oil and liquids, 63% natural gas) and\n anticipates the recently completed Paddle River 1-5-56-7W5M Ostr...