Ryland Oil Provides Update on Proposed Arrangement With Crescent Point Energy Corp.

Ryland Oil Corporation (TSX VENTURE:RYD) announced that the Court of Queen’s Bench of Alberta has granted an interim order with respect to Ryland’s proposed plan of arrangement with Crescent Point Energy Corp. pursuant to which Crescent Point proposes to acquire all of the issued and outstanding shares of Ryland in exchange for Crescent Point shares.

The press release is quoted as saying:

Completion of the Arrangement is subject to the approval of 66â…”% of the votes cast by Ryland shareholders present in person or represented by proxy at the Meeting. Completion of the Arrangement is also subject to the final approval of the Court of Queen’s Bench of Alberta (the “Court”). The application for a final order of the Court has been scheduled for August 20, 2010.

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