Calgary-based Esprit Exploration Ltd. is one step closer to reorganizing into an income trust and an exploration and production (E&P) company, and will hold a special shareholder meeting in late September to consider the arrangement. Esprit Energy Trust would hold 90% of Esprit’s existing proved producing reserves, while ProspEx Resources Ltd. would own the balance of the assets and some of the undeveloped lands (see Daily GPI, July 23).
In order to become effective, a resolution approving the arrangement must be approved by at least two-thirds of the shareholders. It also will require final approval of the Court of Queen’s Bench of Alberta. If all conditions are satisfied or waived, Esprit, known until last year as Canadian 88 Energy Corp., expects the reorganization to take effect Oct 1. The shareholder meeting is scheduled for Sept. 27 at the Westin Hotel in Calgary.
Also Wednesday, Esprit announced that it has completed the sale of coalbed methane and shallow gas assets at Swalwell and Three Hills for C$37.7 million. Proceeds from the sale will be distributed to Esprit shareholders in a one-time special cash distribution of C$0.22/share.
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