Salamander Energy plc says that, following the required Alberta court approvals on 17 March 2008, the acquisition of the entire issued ordinary share capital of GFI Oil & Gas Corporation (“GFI”) has now been successfully completed.

Under the terms of the Proposed Acquisition, GFI Shareholders were entitled to receive for each GFI Share held consideration comprised of either (i) 0.1573 New Salamander Shares plus 31.293 US cents in cash, or (ii) an all share consideration of 0.218 New Salamander Shares.

Following the elections of GFI Shareholders on 10 March 2008, the consideration for the acquisition is comprised of US$34,831,747.28 in cash and the issuance of 30,843,367 New Salamander Shares.

Commenting on the Acquisition, James Menzies, Chief Executive Office of Salamander, said, “The completion of this corporate acquisition provides Salamander with a material increase in reserves and near term production, enlarges our exploration and appraisal programme and reaffirms Salamander’s position as a leading independent E&P company in SE Asia. Since we announced the transaction on 14 December 2007, development drilling on both the Bualuang and Kambuna fields has commenced. The initial results of the drilling campaign, together with the price bid for the gas from the Kambuna field, have so far exceeded our expectation.”

Tags: Salamander Energy