Condor Petroleum to acquire Marsa Energy

Condor Petroleum has announced that it has entered into an agreement with Marsa Energy Inc. in which Condor will acquire Marsa Energy. Under the agreement, all of the issued and outstanding common shares of Marsa (Marsa Shares) will be exchanged for common shares of Condor (Condor Shares) based on an exchange ratio of 1.84326 Condor Shares for each Marsa Share held. Based on Condor and Marsa's respective 20-day volume-weighted average trading prices, this represents a 53.7% premium to Marsa's 20-day volume-weighted average trading price. Former holders of Marsa Shares (Marsa Shareholders) will hold 20% of the total issued and outstanding Condor Shares immediately following completion of the Arrangement.

"This acquisition is compelling for Condor, delivering significant strategic, financial and operational benefits by providing near term sustainable cash flow and additional long-term growth potential for the company and shareholders alike. Leveraging off Condor's strong balance sheet to bring Marsa's Poyraz Ridge discovery to market and combining the highly prolific prospect inventories should add significant shareholder value over the coming years," said Don Streu, President and CEO of Condor.

"Marsa has an excellent portfolio of Turkish production licenses with significant growth potential. This transaction will result in a stronger company with the increased ability to develop Marsa's assets, including the Poyraz Ridge field. As a result, Marsa Shareholders will be better positioned for future growth and increased upside," said Blair Anderson, President and CEO of Marsa.

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