CALGARY, Alberta–(BUSINESS WIRE)–Dec. 22, 2003–Assure Energy, Inc. (“Assure” or the “Company”) (OTCBB:ASUR-News; Frankfurt WKN: 357954, ASL) is pleased to announce that effective December 5, 2003it completed a $5.166 million equity financing by issuing 1,435,000 units at $3.60 per unit. Each unit is comprised of one common share and one Class C warrant that entitles the holder to acquire anadditional common share at a price of $4.00 per share for a period of six months commencing on the earlier of the effective date of registration of the underlying shares or one year from the date ofissuance. In the event that the Class C warrant is exercised, an additional warrant is issuable which is exercisable at a price of $4.25 per share for a period of two years from issuance. The Companyhas the right to redeem the Class C warrant in the event that, during the exercise period, the closing bid price of the Company’s common stock is equal to or greater than $4.50 per share for tenconsecutive trading days. Assure plans to use the proceeds of the financing to fund its ongoing drilling program and for general working capital.
Harvey Lalach, President of Assure stated, “We see this financing as a vote of confidence in Assure and in Assure’s management team. We are especially pleased that Senvest Capital Inc., the Canadian parent of the Senvest Partners Fund, has taken an equity position in Assure by participating in this financing. Senvest Partners Fund was recently ranked as the 7th best performing hedge fund in North America according to Barron’s October 27, 2003 issue. We look forward to increased institutional sponsorship as Assure continues to achieve it corporate goals.”
Nigel Freeman, President of Maximus Investment Management also stated, “We have had considerable success with our Canadian investments in general and are now particularly bullish on oil and gas companies with properties prospective for natural gas in the Western Sedimentary Basin of Canada. Assure is clearly focused in areas that have produced large gas discoveries. Our mission at Maximus, is to identify and invest in companies that are experiencing significant growth with future potential for added value.”
ABOUT ASSURE ENERGY, INC.
Assure Energy, Inc. is principally engaged in the exploration, development and acquisition of petroleum and natural gas properties located in the Western Sedimentary Basin of Canada. Assure’s plan of business is to grow through accretive acquisitions and through the drill bit. Assure Energy operates through its wholly owned subsidiary, Assure Oil and Gas Corp. of Calgary, Alberta, and its wholly owned subsidiary Westerra 2000 Inc. Through Assure Holdings Limited, of Calgary Alberta, Assure Energy, owns approximately 48.5% of Quarry Oil and Gas Limited, (TSV – QUC) a Calgary, Alberta junior oil and gas company.
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
To find out more about Assure Energy Inc. (OTCBB:ASUR) visit our website at www.assure-energy.com
