did a little bit research CALGARY, Alberta -- Dynamic Oil & Gas, Inc. ("Dynamic")(TSX:DOL)(NASDAQ:DYOLF) is pleased to announce that it has entered intoagreements whereby Sequoia Oil & Gas Trust ("Sequoia") (TSX:SQE.UN)will acquire all of Dynamic's Alberta oil and natural gas assets, andwhereby Dynamic will reorganize all of its British Columbia andSaskatchewan oil and natural gas assets into a new exploration company(the "Transaction"). The Transaction will be completed by way of Planof Arrangement (the "Plan").
Under the Plan, Dynamic will establish Shellbridge Oil & Gas, Inc.,as a new exploration-focused, Canadian publicly-traded subsidiary,("Shellbridge") and will transfer into Shellbridge effective May 1,2005, all of the benefits and obligations of Dynamic's producing assetsand undeveloped land located in the provinces of British Columbia andSaskatchewan. Dynamic will retain all of its Alberta properties.Sequoia will purchase all of the outstanding shares of common stock ofDynamic for a cash payment to Dynamic's shareholders of C$72.9 millionless approximately C$28.9 million in certain benefits, liabilities andobligations that are being assumed by Sequoia. As a result of the Plan,each Dynamic shareholder of record at closing, will receive C$1.71 incash and one share of Shellbridge for each share they hold of Dynamiccommon stock. Shellbridge will be managed by Dynamic's currentmanagement team and Board of Directors.
Consummation of the Plan is subject to certain closing conditionsincluding, without limitation, Dynamic shareholder approval, judicialdetermination of fairness, regulatory approval and the conditionallisting of Shellbridge shares for trading on the Toronto Stock Exchange(TSX) or the TSX Venture Exchange.
https://infoventure.tsx.com/TSXVenture/TSXVentureHttpController?GetPage=CompanySummary&PO_ID=18926&HC_FLAG1=on
Wayne Babcock & Don Umbach did very good job there. hope they will bring something to Alston