Iteration Energy Ltd. Acquires Cyries Energy Inc. for Approximately $1 Billion

On March 7, 2008, Iteration Energy Ltd. completed their acquisition of Cyries Energy Inc., pursuant to the previously announced arrangement agreement. The transaction allows for Cyries Energy Inc. to become a wholly owned subsidiary of Iteration Energy Ltd., creating an intermediate oil and gas exploration and development company with an enterprise value of approximately $1.2 billion.

Bennett Jones LLP worked on behalf of Iteration Energy Ltd., with a team that included Darrell Peterson, Beth Riley, Michael Der (corporate) and Scott Bodie (tax).

Macleod Dixon LLP represented Cyries Energy Inc., with a team that included Robert Engbloom, QC, Neville Jugnauth, Kirk Litvenenko and Candace Herman (securities), Roger Smith (litigation) and Darren Hueppelsheuser and Dion Legge (tax).