Vanoil Energy Ltd. Acquires Avana Petroleum Limited

Fri Mar 15, 2013 11:56pm IST

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Vanoil Energy Ltd.

March 15, 2013 - 02:26:00 PM

Vanoil Energy Ltd. Acquires Avana Petroleum Limited

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2013) - Vanoil Energy
Ltd., ("Vanoil") (TSX VENTURE:VEL), a TSX-V-listed oil and gas company with a
portfolio of assets in East Africa, is pleased to announce that, further to
its announcement of earlier today in connection with the offer (the "Offer")
made by its wholly-owned subsidiary, Vanoil Energy Holdings Ltd. (the
"Offeror"), to acquire the entire issued share capital of Avana Petroleum
Limited ("Avana"), the Offeror has confirmed to Vanoil that it has now
received irrevocable acceptances of the Offer in respect of at least 90% of
the issued share capital of Avana. As such, the acceptance condition to the
Offer has now been satisfied and the Offer has become wholly unconditional.

The Offer will remain open for acceptance by the remaining shareholders of
Avana. Notwithstanding that the Offer will remain open for acceptance, the
Offeror intends to apply the provisions of Part X Chapter 3 of the Isle of Man
Companies Act 2006, by issuing a Section 160(2) Notice to acquire compulsorily
the remaining shares in Avana on the same terms as the Offer.  

In addition, Vanoil has also advanced US$3.8 million to Avana, which will be
used by Avana for the purposes of perfecting title in the 10% participating
interest in Kenya offshore Block L9.

If you are a shareholder of Avana, once you have received and read the offer
document and the accompanying form of acceptance, should you have any queries,
please contact Cavendish Trust Company Limited on +44 (0) 1624 679000. 

Any further announcements made in relation to the Offer, will be made by
Vanoil on behalf of the Offeror and copies of such announcements will be
available on the website of Vanoil at: www.vanoil.ca.

On behalf of the Board of

VANOIL ENERGY LTD. 

Aaron D'Este, Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT: 
Vanoil Energy Ltd.
Malcolm Burke
604 689-1515 ext 108 or 604 220 2000
info@vanoil.ca


Vanoil Energy Ltd.
Don Padgett
604 689-1515 ext 104 or 760-485-7678
info@vanoil.ca


Vanoil Energy Ltd.
Scott Rose
604 684 1974 ext 227 or 604 209 5444
scott@vanoil.ca
www.vanoil.ca




        

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term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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