Shareholders of Heritage Oil Overwhelmingly Approve Reorganization
Heritage Oil Corporation has received securityholder and court approval of its previously announced corporate reorganization. In excess of 99.9% of all Heritage shareholders and more than 99.9% of all Heritage shareholders and optionholders together voted to approve the Arrangement at a special meeting of Heritage held today. A total of 18,061,661 votes were cast in favour of the Arrangement, representing 99.97% of the eligible votes. Approximately 98% of the common shares of Heritage will be exchanged for ordinary shares of Heritage Oil Limited, the proposed holding company of Heritage following completion of the Arrangement, and the balance will be exchanged for exchangeable shares of the Company.
In addition, the Court of Queen's Bench of Alberta has granted a final order to approve the Arrangement. Completion of the Arrangement and the proposed admission of the Ordinary Shares and the Exchangeable Shares to the Official List of the Financial Services Authority and to trading on the Main Market of the London Stock Exchange plc is expected to occur prior to March 31, 2008. The listing of the Exchangeable Shares on the Toronto Stock Exchange is expected to occur shortly after the completion of the Arrangement.
Mr. Anthony Buckingham, CEO of the Company, stated, "These results prove that there is overwhelming support for this transaction. Clearly shareholders have shown that they support the Board's strategy. I would like to extend thanks to shareholders for their support and in taking time to cast their votes."
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