Samson Canada, Ltd. and Courage Energy Inc. jointly announce that Samson's previously announced offer to acquire all of the issued and outstanding Courage Common Shares, on the basis of C$5.20 cash per Common Share, expired at 7:00 p.m. (Calgary time) on July 19, 2001. Samson is pleased to report that the tender offer was successful, with 23,919,081 Courage Common Shares (95.49%) having been tendered. Samson has given instructions to the depositary under the offer to take up and pay for validly deposited shares. In the next few days Samson intends to acquire all of the remaining Courage Common Shares that were not tendered to the Offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta) and will seek the de-listing of Courage's Common Shares on The Toronto Stock Exchange.
Samson Canada's current production is 13,000 barrels of oil equivalent per day and with the Courage acquisition production volumes will increase to 17,000 barrels of oil equivalent per day. Samson Canada's core areas include Rainbow, Central Alberta and N.E. British Columbia. This acquisition will significantly increase Samson's interests in the Central Alberta, N.E. British Columbia, and Peace River Arch areas.