2009-08-11-2008-01-01-2008-01-01

Bought co., gaining 140 BOE/d with 100 barrels behind pipe, 4,640 net acres undeveloped land.

Cork Exploration Inc., Calgary, (Toronto: CRK) has acquired privately held Profound Energy Ltd. for approximately C$34.7 million in stock. Cork paid 1.6 shares per Profound share for a total of 46,243,426 shares. The combined company is operating as Profound Energy Inc. (Toronto:PFX). Cork shareholders own approximately 51% of the new company. The former Profound operated in west-central Alberta. Assets include production of 140 barrels of oil equivalent per day with an additional 100 barrels behind pipe, and 4,640 net acres of undeveloped land. Combined, Profound has an average 90% operated working interest in more than 39,419 net undeveloped acres, primarily in the Carrot Creek, North and South Pembina and Cochrane areas. Production is 2,750 barrels of oil equivalent per day (76% gas) comprised of 650 barrels of oil and gas liquids, and 12.5 million cubic feet of gas. The new company will have some C$20 million of debt on available bank lines of C$47 million. Tristone Capital Inc. was financial advisor to Cork.