StarPoint Completes M&A And Financing Tranactions

StarPoint Energy Ltd. was the spin-out company from a plan of arrangement completed in September 2003, involving StarPoint Energy, Crescent Point Energy Ltd., Crescent Point Energy Trust, Tappit Resources Ltd. and various affiliated parties. As part of that arrangement, StarPoint Energy was listed on the TSE on September 5.

On October 31, in an exempt takeover bid, StarPoint Energy acquired X-Terra Energy Corp. for all cash consideration. On November 7, StarPoint Energy acquired all the issued and outstanding securities of Cougar Hydrocarbons Inc., for consideration consisting of shares, valued at approximately $25 million as of the closing date, and $40 million in cash.

On January 29, 2004, StarPoint Energy completed a plan of arrangement with Upton Resources Inc. wherein Upton Resources became a wholly owned subsidiary of StarPoint Energy. The consideration for the transaction was the issuance of StarPoint Energy common shares to the former shareholders of Upton Resources. The Upton transaction was valued at approximately $140 million as of the date of closing of the plan of arrangement.

StarPoint also completed a series of equity and debt financings, and acquired various oil and gas assets directly and indirectly through its corporate acquisitions.

For the merger and acquisition transactions and the financings, StarPoint Energy was represented by Heenan Blaikie LLP in Calgary, with a team led by James Pasieka (who was appointed to the StarPoint Board of Directors in February), and assisted by Thomas Cotter, Mark Franko and Brian Bidyk.

Cougar Hydrocarbons was represented in the acquisition by Bennett Jones LLP, with a team led by Robert Lehodey, Q.C., and assisted by Cameron Chiasson and Jon Truswell. Upton Resources was represented in the acquisition by Burnet, Duckworth & Palmer LLP, with a team led by C. Steven Cohen and Michael Sandrelli.