2009-08-12-2007-07-01

Reserves: 179.4 MMBO

Privately held Calgary-based Andora Energy Corp. plans to acquire privately held Calgary-based Signet Energy Inc. for C$50 million in stock. Signet shareholders will receive 17.5 million shares valued at approximately C$2.86 each. The combined company will be focused on development of the South and Central Sawn Lake heavy oil pool area in Alberta. Andora's net probable and possible reserves are 179.4 million barrels of oil. Signet representatives Greg Cave and Leigh Cassidy will join the Andora board following the deal. Genuity Capital Markets will issue a fairness opinion to Signet.