Spartan Energy Corp. Announces Closing of Arrangement

CALGARY, Alberta, May 28, 2018 (GLOBE NEWSWIRE) -- Spartan Energy Corp. (“Spartan” or the “Company”) (TSX:SPE) is pleased to announce the closing of the plan of arrangement involving Spartan, Vermilion Energy Inc. (the “Purchaser”), and the holders of common shares of Spartan (the “Spartan Shares”), as previously announced by Spartan on April 16, 2018 (the “Arrangement”).

Pursuant to the Arrangement, the Purchaser has acquired all of the outstanding Spartan Shares in exchange for 0.1476 of a common share in the capital of the Purchaser (the “Vermilion Shares”) for each outstanding Spartan Share (the “Share Consideration”). As a result, Vermilion issued an aggregate of 27,881,450 Vermilion Shares with existing Vermilion shareholders holding approximately 81.68% of the Vermilion Shares and former Spartan shareholders holding approximately 18.32% of the Vermilion Shares.

Registered Spartan shareholders, who have not already done so, should submit their certificate(s) or DRS Advice representing their Spartan Shares along with a completed letter of transmittal to the depositary, Computershare Investor Services Inc., in order to receive the Share Consideration. Holders of Spartan Shares who hold their shares through a broker, investment dealer or other intermediary should follow the instructions by such broker, investment dealer or other intermediary.

In connection with the completion of the Arrangement, it is expected that the Spartan Shares will be de-listed from the Toronto Stock Exchange (“TSX”) in approximately two to three business days.

Further details regarding the Arrangement can be found in the Company’s information circular and proxy statement dated April 25, 2018, filed on Spartan’s SEDAR profile at www.sedar.com.

FURTHER INFORMATION

Forward Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. More particularly and without limitation, this press release contains forward-looking statements regarding the anticipated timing for delisting of the Spartan Shares on the TSX. All statements, other than statements of historical facts, that address activities that Spartan assumes, anticipates, plans, expects, believes, projects, aims, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. All of the forward-looking statements in this release are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although Spartan believes these assumptions are reasonable, they are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. The forward-looking statements provided in this press release are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Furthermore, the forward-looking statements contained herein are made as at the date hereof and Spartan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the completion of the Arrangement as well as Spartan’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or the Company’s website (www.spartanenergy.ca).