Cuervo Resources Inc CRVNF

RE: at what price

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13 JUL 2006 21:46:35 GMT UPDATE 1-Shiningbank to buy Find Energy in C$443 mln deal (Adds details) CALGARY, Alberta, July 13 (Reuters) - Shiningbank Energy Income Fund said on Thursday it has agreed to buy Find Energy Ltd. for C$381 million ($337 million) so that it can add Find's Alberta natural gas producing properties to its own. Shiningbank will also assume Find's C$62 million debt, bringing the deal's total to C$443 million. Shiningbank will offer 0.465 of its own units for each Find share, which the trust said was an 18 percent premium. The purchase will add 4,900 barrels of oil equivalent a day to Shiningbank, boosting its output by 22 percent to 27,000 barrels of oil equivalent a day. "This transaction fits with Shiningbank's strategy of focusing on long-life natural gas assets," David Fitzpatrick, Shiningbank's chief executive, said in a statement. Most of Find's production comes from the Pembina area of Central Alberta and lies adjacent to Shiningbank's property. Three-quarters of its production is natural gas. Shiningbank said it should be able to boost output from Find's land to 6,000 barrels of oil equivalent a day next year. Find has about 16 million barrels of reserves, with a lifespan of 8.9 years, and 165,000 acres of undeveloped lands. Find has agreed not to solicit other bidders and will pay Shiningbank C$12 million if it accepts another bid. ($1=$1.13 Canadian) ((Reporting by Scott Haggett, editing by Peter Galloway; [e-mail]; Reuters Messaging: [e-mail]; [phone])) Keywords: ENERGY FIND SHININGBANK Notes: News stories are reported in GMT (subtract 5 hours for E.S.T. 4 hours for EDT)