Anderson Exploration Ltd. has announced the successful completion of its offer to purchase all of the outstanding common shares and associated rights of Ulster Petroleums Ltd.  A total of 47,202,942 Ulster common shares were purchased, equating to approximately 96% of all of the outstanding common shares of Ulster. Anderson now intends to acquire all of the remaining Ulster common shares that were not tendered to the offer, pursuant to its right of compulsory acquisition at the same price as those tendered to the offer.  The total consideration paid by Anderson for all of the Ulster common shares is estimated to be approximately $542 million in cash and approximately 4.8 million Anderson common shares and will be financed through a new $900 million syndicated credit facility.   

Ulster has oil and gas assets, with approximately 90% of reserves and production concentrated in five properties, all of which are situated in close proximity to existing Anderson operations.  On a combined basis, the companies are currently producing approximately 750 million cubic feet per day of natural gas and 49,500 barrels per day of crude oil and natural gas liquids.