GEOCAN Acquires Columbus Exploration

GEOCAN Energy Inc. said that approximately 95.09 percent of the issued and outstanding common shares of Columbus Exploration Ltd. have been tendered to GEOCAN's previously announced offer to acquire all of the Columbus Shares.

The offer expired at 3 p.m. (Calgary time) on Thursday. GEOCAN has instructed the depositary under the offer to take up all of the Columbus shares deposited to the offer. The company expects the payment to be made on Monday on the basis of--at the election of each Columbus shareholder--$1.16 in cash or 0.5859 of a Class "A" common share in the capital of GEOCAN or a combination of $0.992 in cash and 0.0848 of a GEOCAN Share subject to the limits set forth in the offer.

Of the Columbus shares tendered, 11,885,678 were tendered for cash and 1,166,666 were tendered for a combination of cash and GEOCAN shares. GEOCAN also intends to acquire all remaining Columbus shares pursuant to the compulsory acquisition provisions of Alberta’s Business Corporations Act.