Sinoenergy closes $215 mln buy of JOG Capital’s New Star Energy

The acquisition of New Star Energy Ltd for about $215 million, including net debt, has been closed. The buyer, which was not disclosed at the time of the transaction’s announcement, was China’s Sinoenergy Pacific Corp. As a wholly-owned subsidiary of Sinoenergy, New Star, a light-medium crude oil and natural gas producer, will keep its current name. The Calgary-based company has been backed by Canadian energy private equity firm JOG Capital since its founding in 2012.

PRESS RELEASE

New Star Energy Ltd. Announces Completion of Acquisition By Sinoenergy Pacific Corp.

CALGARY, ALBERTA–(Marketwired – July 17, 2015)

New Star Energy Ltd. (“New Star” or the “Company”) and Sinoenergy Pacific Corp. (“Sinoenergy”) are pleased to announce the completion of the previously announced arrangement (the “Arrangement”) involving New Star, Sinoenergy and the shareholders of New Star, pursuant to which Sinoenergy acquired, through a wholly-owned subsidiary, all of the issued and outstanding common shares of New Star at a price of $1.25 per share in cash. Pursuant to the Arrangement, New Star amalgamated with a wholly-owned subsidiary of Sinoenergy, with the continuing entity being named New Star Energy Ltd.

Macquarie Capital Markets Canada Ltd. acted as exclusive financial advisor to New Star with respect to the Arrangement. National Bank Financial provided the Board of Directors of New Star with an opinion that, subject to the review of final documentation, the consideration to be received under the arrangement is fair, from a financial point of view, to New Star shareholders.

New Star Energy Ltd.
Steve Sugianto
President and CEO
(403) 668-9177
(403) 450-3715
ssugianto@newstarenergy.ca

New Star Energy Ltd.
Jack Smith
Vice President, Finance and CFO
(403) 668-9177
(403) 450-3719
jsmith@newstarenergy.ca

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