CALGARY, AB - Direct Energy Marketing Limited ("Direct Energy") and Rockyview Energy Inc. ("Rockyview")(TSX: RVE) today announced the successful completion of Direct Energy's previously announced offer (the "Offer") dated December 7, 2007 for all of the common shares of Rockyview, on the basis of $3.16 in cash per share. As of 4:30 p.m. (MST) on January 29, 2008, the expiry time of the Offer, as extended, 22.3 million common shares of Rockyview, representing approximately 91.7 per cent of the issued and outstanding common shares of Rockyview had been validly deposited pursuant to the Offer.
"Rockyview Energy is an excellent strategic and operational fit for Direct Energy and we are pleased that the way has been cleared for us to complete the acquisition," said Deryk King, Chairman and Chief Executive Officer of Direct Energy. "The acquisition landscape for natural gas weighted producers remains attractive for Direct Energy. We continue to evaluate opportunities to add reserves and production to our upstream business where value can clearly be added from such acquisitions."
Direct Energy has taken up all of the Rockyview common shares validly tendered at the expiry time, as extended, and will pay for them promptly in accordance with applicable securities laws.
Since Direct Energy has acquired more than 90% of the outstanding Rockyview common shares under the Offer, Direct Energy intends to acquire all the remaining Rockyview common shares not deposited under the Offer by means of a compulsory acquisition under the Business Corporations Act (Alberta). Direct Energy will shortly mail a notice of compulsory acquisition to acquire all Rockyview common shares not acquired pursuant to the Offer. Once it has acquired all of the outstanding Rockyview common shares, Direct Energy will apply to have the shares de-listed from the Toronto Stock Exchange and will apply for Rockyview to cease being a reporting issuer in any jurisdiction in Canada.
Copies of the Offer, the accompanying circular and related documents (in both English and French) have been filed with various securities regulatory authorities in Canada and are available on the SEDAR website (http://www.sedar.com/) under Rockyview Energy's profile.
About Direct Energy
Direct Energy is one of North America's largest energy and energy-related services providers with over 5 million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in Texas, the north-eastern United States and across Canada. To learn more about Direct Energy, visit www.directenergy.com.
About Rockyview Energy
The business of Rockyview is the acquisition of, exploration for, and development and production of petroleum and natural gas. The Common Shares of Rockyview are listed for trading on the Toronto Stock Exchange under the symbol "RVE".