Progress Energy Ltd. Acquires Class A Shares of Seaview Energy Inc.

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[{"type":"text","content":"\n\n\n\nCALGARY, June 26 /CNW/ - On June 26, 2008, Progress Energy Ltd.\n("Progress") acquired control of 8,300,000 Class A common shares of Seaview\nEnergy Inc. ("Seaview"). As a result, Progress together with affiliates,\ninsiders and associates will control an aggregate of 8,300,000 Class A common\nshares of Seaview or 21.7% of the outstanding Class A common shares of\nSeaview.\n\n\nThe Class A common shares were issued as consideration for the\nacquisition by Seaview from Progress of some light oil and natural gas assets\nin southeastern Saskatchewan (the "Assets") pursuant to a purchase and sale\nagreement dated May 23, 2008. The consideration for the Assets was comprised\nof $5,400,000 in cash and the issuance from treasury of 8,300,000 Class A\ncommon shares at a price of $2.25 per Class A common share.\n\n\nProgress and its affiliates, insiders and associates may, from time to\ntime, as market opportunities exist or develop, increase or decrease their\nbeneficial ownership, or control and direction over, Seaview's Class A common\nshares as permitted by securities law. Progress may in the future take such\nactions in respect of its holdings as it may deem appropriate in light of the\ncircumstances then existing, including the purchase of additional Class A\ncommon shares or other securities of Seaview through open market purchases or\nprivately negotiated transactions, in accordance with applicable securities\nlegislation, or the sale of all or a portion of its holdings in the open\nmarket or in privately negotiated transactions to one or more purchasers, in\naccordance with applicable securities legislation. The Seaview Shares issued\npursuant to the Acquisition are subject to a four month hold period from the\ndate of closing.\n\n\nProgress received the Class A common shares pursuant to the "asset\nacquisition" exemption in National Instrument 45-106 Prospectus and\nRegistration Exemptions, as the Class A common shares were issued as\nconsideration for the Assets and the Assets had a fair market value of not\nless than $150,000.\n\n\nThe issuance of this news release is not an admission that an entity\nnamed in this news release owns or controls any described securities or is a\njoint actor with another named entity.\n\n\n%SEDAR: 00025893E\n\n\n","length":2369,"tagName":"div"}]

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