Pursuant to the Arrangement, each shareholder of TriStar received 0.4762 of a New TriStar share for each share of TriStar held and shareholders of Real continued to hold one share of New TriStar for each share of Real held. New TriStar will continue to trade on the TSX under the symbol "TOG". It is anticipated that the shares of TriStar and Real will be delisted and the shares of New TriStar will commence trading within two to three business days.
In order to receive New TriStar shares, TriStar shareholders and Real shareholders must exchange their share certificates in accordance with the instructions set forth in the Joint Information Circular of TriStar and Real dated June 29, 2007 and the accompanying letters of transmittal.
New TriStar will continue to be led by the TriStar management team including Brett Herman, President and Chief Executive Officer, Jason Zabinsky, Vice President, Finance and Chief Financial Officer, Graham Kidd, Vice President, Engineering, Eric Strachan, Vice President, Exploration and Jeremy Wallis, Vice President, Land. New TriStar's board of directors (the "Board") consists of 10 members including Paul Colborne (Chairman), James Bertram, Fred Coles, Dallas Droppo, Richard Edgar, Brett Herman, Martin Hislop, Robert Michaleski, Jim Pasieka and Robert Peters.
"TriStar is very well positioned to grow reserves, production and cash flow per share through the management team's integrated strategy of acquiring, exploiting and exploring. We are excited about the growth potential of the new company as we have a solid development drilling inventory of over 1,400 drilling locations for both light oil and natural gas, and numerous exciting, high impact exploration prospects including the Bakken play in southeast Saskatchewan, a number of 3D defined prospects on an extensive undeveloped land base in west central Alberta and significant Mannville CBM potential," said Brett Herman, President and Chief Executive Officer.
For the remainder of 2007 the Company's drilling program will consist of a combined, high graded drilling program selected from each of TriStar and Real's extensive drilling inventories and will be focused on the Company's high quality development and exploration portfolio in southeast Saskatchewan (50% of drilling capex), west central Alberta (20% of drilling capex), southern Alberta (15% of drilling capex) and central Alberta (15% of drilling capex).
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