UNIOILTender Offer Agreement • November 3rd, 2006 • Unioil • Crude petroleum & natural gas
We are pleased to inform you that on October 19, 2006, Unioil (“Unioil”) entered into a Tender Offer Agreement (the “Tender Offer Agreement”) with Petroleum Development Corporation (“PDC”) and Wattenberg Acquisition Corporation (“Sub”), a wholly owned subsidiary of PDC. As provided in the Tender Offer Agreement, Sub today commenced a tender offer (the “Offer”) to purchase all outstanding shares of Unioil’s common stock (the “Shares”) at a price of $1.91 per Share, net to the seller in cash, without interest thereon (the “Offer Price”). The Offer is subject to the terms and conditions in the Offer to Purchase and the related Letter of Transmittal that are included in Sub’s offering materials. As provided in the Tender Offer Agreement and subject to the satisfaction or waiver of certain conditions, the Offer will be followed by a merger (the “Merger”) of Sub with and into Unioil, and all Shares not purchased in the Offer (other than Shares held by Sub, by dissenting stockholders or by Un
