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Reliable Energy Ltd.: Reliable Energy Ltd. Announces Formal Offer to Shareholders of Element Energy Canada Ltd.

^{Published on 2009-10-13 06:29:39 - Market Wire}
 

CALGARY, ALBERTA--(Marketwire - Oct. 13, 2009) - Reliable Energy Ltd. (the "Company" or "Reliable") (TSX VENTURE:REL) is pleased to announce that it has made a formal offer to the shareholders of Element Energy Canada Ltd. ("Element") to acquire, on an exempt basis, all of the issued and outstanding common shares of Element in exchange for common shares in the capital of the Corporation on the basis of 1.225 common shares of the Corporation at a deemed value of $0.15 per share for each common share of Element. The acquisition was previously announced on September 11, 2009. The offer is subject to customary conditions and to final acceptance of the TSX Venture Exchange. Subject to satisfaction or waiver of all conditions of the offer, closing is expected on or about October 23, 2009.

About Reliable

Reliable is an Alberta based public company listed on the TSX Venture Exchange. The Company is currently focused on two core areas in the Western Canadian Sedimentary Basin. The first core area consists of an unconventional resource play in the Bakken/Three Forks formation situated on the Saskatchewan - Manitoba border. The second is a Devonian reef play in central Alberta.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.