VANCOUVER, Nov. 12, 2014
/CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or
the "Company") announces that, further to Stream's Information
Circular dated October 15, 2014 regarding its proposed
arrangement transaction (the "Arrangement") with TransAtlantic
Petroleum Ltd. ("TransAtlantic"), Stream shareholders have approved
the Arrangement at a meeting of Stream shareholders held earlier
today. The Arrangement was approved by 98.04% of the votes
cast by Stream shareholders. A total of 60.41% of the
outstanding common shares of Stream were voted at the meeting.
Under the Arrangement, each common share of Stream will be
exchanged for up to 0.05657 of a common share of
TransAtlantic. The arrangement agreement between the
companies provides that 85% of the value of each Stream common
share, or 0.04812 of a common share of TransAtlantic, will be
issued at closing and an additional 15% of the value of each Stream
common share, or 0.00845 of a common share of TransAtlantic, will
be issued if certain amendments to Stream's Albanian license
agreements are received within nine months of the closing date.
Stream will be seeking British Columbia Supreme Court approval
of the Arrangement on November 17, 2014. The Arrangement
is expected to be completed on or about November 18, 2014,
subject to receipt of court approval and other customary closing
conditions. The Stream common shares will then be delisted
from the TSX Venture Exchange.
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and
gas production, development and exploration company focused on the
re-activation and re-development of three oilfields and a
gas/condensate field in Albania.
The Company's strategy is to use proven technology, incremental and
enhanced oil recovery techniques to significantly increase
production and reserves.
This news release contains forward‑looking statements that
address future events and conditions and are subject to various
risks and uncertainties in relation to the Company.
Specifically, the completion of the Arrangement is subject to court
and regulatory approval, including final approval of the
TSX Venture Exchange, and other customary conditions.
Forward‑looking statements are based on the expectations and
opinions of the management of the Company on the date the
statements are made. The assumptions used in the preparation
of such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward‑looking statements.
Neither 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.
SOURCE Stream Oil & Gas Ltd.