Exhibit 99.1
News release via Canada NewsWire, Calgary 403-269-7605
Attention Business Editors:
Canetic Resources Trust provides update on acquisition of Titan
Exploration Ltd. and extension of offer to December 31, 2007
CALGARY, Dec. 20 /CNW/ - (CNE.UN - TSX; CNE - NYSE) - Canetic Resources
Trust ("Canetic") and Titan Exploration Ltd. ("Titan") jointly announced today
that as of 4:30 p.m. (MST) on December 19, 2007, approximately 24,635,175
Titan A Shares (TTN.A) and 736,030 Titan B Shares (TTN.B) had been validly
deposited pursuant to the previously announced offer of Canetic Titan Ltd.
(the "Offeror") (a wholly-owned subsidiary of Canetic) to acquire all of the
issued Titan A Shares and Titan B Shares, on a fully diluted basis. The
Offeror will take-up the deposited Titan A Shares and Titan B Shares
representing approximately 85 percent and 73 percent of each respective share
class or approximately 84 percent of Titan A Shares, calculated on a fully
diluted basis, including the number of outstanding Titan A Shares that may be
issued on conversion of all outstanding Titan B Shares into Titan A Shares. As
all of the conditions of the Offer to acquire the issued and outstanding Titan
A Shares and Titan B Shares were met at the initial expiry the Offer is now
wholly unconditional. Accordingly, the Offer has been extended until 12:00
p.m. (MST) on December 31, 2007, to allow Titan shareholders an additional
opportunity to tender their shares. A notice of extension will be mailed to
Titan shareholders.
In connection with payment for the deposited Titan A Shares and Titan B
Shares taken-up by the Offeror, all members of the current board of directors
of Titan will resign and J. Paul Charron, Brian Evans, David J. Broshko and
Richard Tiede will be newly appointed as directors of Titan.
Canetic is one of Canada's largest oil and gas royalty trusts. Canetic
trust units and debentures are listed on the Toronto Stock Exchange under the
symbols CNE.UN, CNE.DB.A, CNE.DB.B, CNE.DB.C, CNE.DB.D, and CNE.DB.E and the
trust units are listed on the New York Stock Exchange under the symbol CNE.
For further information, please see the website at www.canetictrust.com or
contact Canetic investor relations by email at: Info(at)canetictrust.com or toll
free telephone at 1-877-539-6300.
ADVISORY: Certain information regarding Canetic, including statements
relating to the Offer, any related extensions to the Offer, and the closing
date thereof, production estimates, reserve estimates, reserve life index,
acreage to be acquired, business strategy, benefits of the acquisition of
Titan, drilling plans, recovery estimates, cost estimates, production
efficiencies may constitute forward-looking statements under applicable
securities law and necessarily involve risks, including, without limitation,
risks associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, failure to realize expected
acquisition synergies, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition, incorrect assessment of the value of acquisitions, failure to
realize the anticipated benefits of acquisitions, ability to access sufficient
capital from internal and external sources, failure to obtain required
regulatory, shareholder and other approvals, and changes in legislation,
including but not limited to tax laws and environmental regulations. As a
consequence, actual results may differ materially from those anticipated in
the forward-looking statements. Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other
factors that could affect Canetic's operations or financial results are
included in reports on file with applicable securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com), the SEC's
website (www.sec.gov) or at Canetic's website (www.canetictrust.com).
United States Considerations
The Offer will be made for the securities of a Canadian trust. The Offer
will be subject to Canadian disclosure requirements that are different from
those of the United States. Financial statements included in the takeover bid
circular, or incorporated by reference therein, as well as financial
statements of Canetic, have been prepared in accordance with Canadian
accounting standards that may not be comparable to the financial statements of
United States companies.
It may be difficult for shareholders of Titan in the U.S. to enforce
their rights and any claim they may have arising under the U.S. federal
securities laws, since Canetic is located in a foreign country, and some or
all of its officers (if any) and trustees and the officers and directors of
Canetic Resources Inc. may be residents of a foreign country. Shareholders of
Titan in the U.S. may not be able to sue a foreign trust or its officers (if
any) or trustees, or the officers or directors of Canetic Resources Inc., in a
foreign court for violations of U.S. securities laws. It may be difficult to
compel a foreign trust and its affiliates, including its officers (if any) and
trustees and the officers and directors of Canetic Resources Inc. to subject
themselves to a U.S. court's judgment.
%SEDAR: 00023165E %CIK: 0001349237
/For further information: Investor Relations, (403) 539-6300, Toll Free -
1-877-539-6300, info(at)canetictrust.com, www.canetictrust.com/
(CNE.UN. CNE TTN.A. TTN.B.)
CO: Canetic Resources Trust; Titan Exploration Ltd.
CNW 07:00e 20-DEC-07
