Dana Gas Acquires Centurion Energy

On January 10, 2007 Dana Gas PJSC successfully completed the acquisition of Centurion Energy International Inc. by way of a plan of arrangement effected under the Business Corporations Act (Alberta). Pursuant to the terms of the acquisition, Giza Acquisition Inc., a subsidiary of Dana Gas, acquired all the issued and outstanding common shares of Centurion Energy for $12 per share, for an aggregate cash consideration of $1.14 billion.

Centurion Energy is an oil and gas exploration and production company based in Calgary, with operations principally located in the Egyptian Nile Delta region. Dana Gas is the first regional private-sector gas company in the Middle East and is listed on the Abu Dhabi Stock Market. The acquisition of Centurion Energy provides Dana Gas with a strategic platform from which to grow its activities in natural gas exploration and production throughout the Middle East Region. Dana Gas's financial advisors were Citigroup Global Markets.

Dana Gas was represented by Osler, Hoskin & Harcourt LLP with a team that included Doug Bryce, Frank Turner, Colin Berryman, Erin Lee and Rummy Basra, (corporate/securities); Robert Desbarats, Q.C. (oil & gas); Stan Ebel and Pat Marley (tax) and Craig Harkness (lending). A $470 million financing facility was also provided by Citibank N.A. to Dana Gas in connection with the acquisition. Dana Gas was represented by Anthony Pallett and Shatha Ali of Norton Rose with respect to the financing, while Citibank N.A. was represented by Julie Rieger and Amy Partington of Allen & Overy LLP.

Centurion Energy was represented by Borden Ladner Gervais LLP with a team that included Derrick Armstrong, Edward Tapuska, Gillain Malfair, Shane Stevenson, Robyn Bourgeois and Jonathan Doll (corporate/securities); Lindsay Holmes (tax) and David Madsen (litigation).