TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Acadian Energy Inc. (TSX VENTURE:ACX) -- ("Acadian" or the "Company") today announced a corporate update and strategic review, and has been informed that the resumption of trading of its shares on the TSX Venture Exchange should occur on April 10, 2013.
The Board of Directors of the Company (the "Board") is diligently pursuing new opportunities for Acadian in light of the current low cash balance in the company. The Company has over the past year and a half, moved away from pursuing its initial New Albany Shale natural gas opportunities as a result of the dramatic decline in pricing and attendant lack of funding to pursue drilling activities. Since then, the Company has examined a number of oil exploration opportunities, with joint ventures that would need various levels of funding to develop. A lack of support in the junior oil exploration market has not produced a financeable opportunity.
The Board has thus recently been looking to repurpose the Company's public listing and entertain reverse takeover proposals with other corporations in similar and different business sectors who can make use of the Company's unique corporate structure that generally enables US private company shares to be swapped with Canadian listed shares on a tax free rollover basis, making Acadian particularly amenable for those companies interested in a public vehicle that is Canadian traded with US operations. In addition, the Company is not required to currently report to the SEC. However, the Company is able to examine possible transactions based globally.
There can be no assurance that a suitable transaction will be found that meets all of our criteria.
Additional Company information is also obtainable on the Company's web site www.acadianenergy.com .
About Acadian:
Acadian is a junior exploration and production company which is focused on the exploration and development of New Albany shale oil and natural gas in the Illinois Basin. The Company continues exploration development of the oil potential of the New Albany Shale. Acadian trades on the TSX Venture Exchange under the symbol ACX.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
