CALGARY,
AB, Oct. 29, 2024 /CNW/ - Rubellite Energy
Inc. (TSX: RBY) ("Rubellite") and Perpetual Energy Inc. (TSX: PMT)
("Perpetual") are pleased to jointly announce that today they have
obtained the necessary shareholder approvals to proceed with their
previously announced strategic recombination transaction under the
Business Corporations Act (Alberta) (the "Recombination").
The shareholders of each of Rubellite and Perpetual
overwhelmingly approved the Recombination, with 99.9% of the total
votes cast and 99.8% of the votes cast under the minority approval
requirements being in favor of the Recombination at the Rubellite
special shareholder meeting and 99.5% of the total votes cast and
98.7% of the votes cast under the minority approval requirements
being in favor of the Recombination at the Perpetual special
meeting. Rubellite shareholders also elected an additional three
directors, Linda A. Dietsche,
Geoffrey C. Merritt and Steven L. Spence, to the board of directors of
Rubellite, conditional on the Recombination being completed. The
percentages of votes for and withheld from voting were 99.9% and
0.1%, respectively, for each of the nominees.
The Recombination remains subject to Court approval, which is
scheduled for 3:00 p.m. on
October 30, 2024, with closing
expected to occur the following morning on October 31, 2024.
ABOUT RUBELLITE
Rubellite is a Canadian energy company engaged in the
exploration, development and production of heavy crude oil from the
Clearwater and Mannville Stack
Formations in Eastern Alberta,
utilizing multi-lateral drilling technology. Rubellite has a
prolific, oil focused asset base and is pursuing a robust growth
plan focused on superior corporate returns and funds flow
generation while maintaining a conservative capital structure and
prioritizing operational excellence. Rubellite was incorporated by
Perpetual and established through plan of arrangement in
September 2021. Additional
information on Rubellite and the Transaction can be accessed on
Rubellite's website at www.rubelliteenergy.com or on SEDAR+ at
www.sedarplus.ca.
ABOUT PERPETUAL
Perpetual is an oil and natural gas exploration, production and
marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified
asset portfolio, including liquids-rich conventional natural gas
assets in the deep basin of West Central Alberta and undeveloped
bitumen leases in Northern
Alberta. Additional information on Perpetual can be accessed
on Perpetual's website at www.perpetualenergyinc.com or on SEDAR+
at www.sedarplus.ca.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
SOURCE Perpetual Energy Inc.
