03:53 PM EST - Exceed Energy Inc. : said that WestFire Energy Ltd. has completed the acquisition of the company and certain producing oil and gas properties located in the Lloydminster/Lindbergh and Peace River Arch areas of Alberta and light oil properties in southeast Saskatchewan. Under the arrangement, Exceed completed its underwritten private placement of 800 million class "A" common shares for gross proceeds of $45.04 million. The net proceeds of the offering were subsequently used by WestFire to acquire the producing assets for $30 million prior to closing adjustments with the balance of the proceeds to be used to fund WestFire's 2010 development drilling program and general corporate purposes. The Exceed shares are expected to be de-listed from the TSX Venture Exchange at the close of markets on or about December 23. Exceed Energy Inc.
shares V.EX.A are trading even at $0.08.
