CALGARY, ALBERTA–(Marketwired – June 30, 2015) – Legacy Oil + Gas Inc. (TSX:LEG) (“Legacy” or the “Company”) is pleased to announce that the holders of Legacy common shares (“Shareholders”) today approved the special resolution (the “Arrangement Resolution”) authorizing the proposed plan of arrangement (the “Arrangement”) involving Legacy, Crescent Point Energy Corp. (“Crescent Point”) and the shareholders of Legacy at the annual and special meeting of the Legacy shareholders (the “Meeting”). Under the Arrangement, the Legacy Shareholders will exchange each of their Legacy common shares for 0.095 of a common share of Crescent Point.
The Arrangement Resolution was approved by 89.76% of the votes cast by Shareholders present in person or represented by proxy at the Meeting and 89.44% of the votes cast by minority Shareholders (after excluding the Legacy common shares of those persons required by Multilateral Instrument 61-101 of the Canadian Securities Administrators).
Legacy had obtained an interim order of the Court of Queen’s Bench of Alberta on June 1, 2015 to authorize the Meeting in connection with the Arrangement. Legacy anticipates returning to court at 11:00 a.m. (Calgary time) today to seek a final order to implement the Arrangement. The closing of the Arrangement is anticipated to occur as soon as practicable following the receipt of the final order.
In addition, Legacy is pleased to announce that each of the seven nominees proposed as a director and listed in its management information circular dated June 1, 2015 were elected as directors of Legacy. Detailed results of the voting for each nominee are set out below:
|Votes For||Votes Withheld|
|Johannes J. (Jim) Nieuwenberg||106,480,062||87.43||15,304,134||12.57|
For results of the other matters considered at the Meeting, please see Legacy’s report in respect of voting results, which is filed on SEDAR at www.sedar.com.
About Legacy Oil + Gas Inc.
Legacy is a Calgary, Alberta based company actively engaged in the business of oil and gas exploration, development, acquisition and production in the provinces of western Canada and in the State of North Dakota whose Legacy Shares are traded on the Toronto Stock Exchange under the trading symbol “LEG”.
This press release contains certain forward-looking information and statements including but not limited to the proposed acquisition of Legacy by Crescent Point pursuant to a plan or arrangement, the timing and anticipated receipt of a final order in respect of the Arrangement and the completion of the Arrangement. Forward-looking information typically contains statements with words such as “intend”, “target”, “anticipate”, “plan”, “estimate”, “expect”, “potential”, “could”, “will”, or similar words suggesting future outcomes. All of the forward-looking statements in this release are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although Legacy believes these assumptions are reasonable, they are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Legacy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results and achievements to differ materially from those expressed or implied by such statements. Although Legacy believes the expectations conveyed by the forward-looking statements are reasonable based on the information available on the date of such forward-looking statements were made, no assurances can be given as to future results and achievements. There is no guarantee that the Arrangement will be completed on the announced terms or at all. Undue reliance should not be placed on the forward-looking statements contained herein, which are made as of the date hereof and, except as required by law, Legacy undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Legacy Oil + Gas Inc.
Trent J. Yanko, P.Eng.
President + CEO
Legacy Oil + Gas Inc.
Curt W. Ziemer, CGA
Vice President Finance + CFO