CALGARY,
AB, Oct. 31, 2024 /CNW/ - Rubellite Energy
Inc. (TSX: RBY) ("Rubellite") and Perpetual Energy Inc. (TSX: PMT)
("Perpetual") are pleased to jointly announce that today they have
completed their previously announced strategic recombination
transaction (the "Recombination") creating "Rubellite Energy
Corp.". With increased size, scale, greater financial liquidity,
enhanced flexibility and operations carried on by its subsidiaries,
Rubellite Energy Corp. will be well positioned to execute on the
development of its high-quality drilling inventory with significant
optionality to realize the value of the combined assets through its
growth-focused business plan.
The Recombination was effected by way of an arrangement
under the Business Corporations Act (Alberta), pursuant to which holders of
Rubellite common shares ("Rubellite Shares") received one (1)
common share ("New Shares") of Rubellite Energy Corp. for each
Rubellite Share held, holders of Perpetual common shares
("Perpetual Shares") received one (1) New Share for every five (5)
Perpetual Shares held, and Perpetual's outstanding senior notes
($26.2 million in face value) were
converted into 11.6 million New Shares at a conversion price of
$2.25 per share.
The Board of Directors of Rubellite Energy Corp. is comprised of
the directors of Rubellite and Perpetual, being Linda A. Dietsche, Holly
A. Benson, Tamara L.
MacDonald, Geoffrey C.
Merritt, Susan L. Riddell
Rose, Ryan A. Shay,
Bruce C. Shultz and Steven L. Spence.
It is expected that the Perpetual Shares will be delisted on the
Toronto Stock Exchange (the "TSX") at the close of business on or
after November 4, 2024 and the New
Shares will begin trading on the TSX under Rubellite's trading
symbol "RBY" at the market open on or after November 5, 2024.
ABOUT RUBELLITE
Rubellite is a Canadian energy company engaged in the
exploration, development and production of heavy crude oil from the
Clearwater and Mannville stack Formations in Eastern Alberta, utilizing multi-lateral
drilling technology. Rubellite has a prolific, oil focused asset
base and is pursuing a robust growth plan focused on superior
corporate returns and funds flow generation while maintaining a
conservative capital structure and prioritizing operational
excellence. Rubellite was incorporated by Perpetual and established
through plan of arrangement in September
2021. Additional information on Rubellite and the
Recombination can be accessed on Rubellite's website at
www.rubelliteenergy.com or on SEDAR+ at www.sedarplus.ca.
ABOUT PERPETUAL
Perpetual is an oil and natural gas exploration, production and
marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified
asset portfolio, including liquids-rich conventional natural gas
assets in the deep basin of West Central Alberta and undeveloped
bitumen leases in Northern
Alberta. Additional information on Perpetual can be accessed
at SEDAR+ at www.sedarplus.ca or from Perpetual's website at
www.perpetualenergyinc.com.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
SOURCE Perpetual Energy Inc.
