OilVoice - Cirrus Energy Acquires Wilderness Energy

Cirrus Energy Acquires Wilderness Energy

Tuesday, June 09, 2009

Cirrus Energy Corporation announces a definitive share purchase agreement to acquire Wilderness Energy UK Ltd., a company that operates in the UK sector of the North Sea.

The acquisition, announced late Monday, has a pricetag of about 500,000 Cirrus shares, worth about $950,000, the company said.

Wilderness Energy UK is a wholly owned subsidiary of Wilderness Energy Corp., a private Canadian junior explorer and producer.

"This acquisition provides an attractive low cost entry into the UK North Sea," said Cirrus president and CEO David Taylor.

"The licences contain significant exploration potential particularly for heavy oil which has recently benefited from improved fiscal terms.

"This acquisition expands and broadens the future opportunity portfolio for Cirrus without diluting its focus on the exploration and development of its operated assets in the Dutch North Sea."

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