Energex Petroleum Inc. entered into a letter of intent to acquire Capricorn Business Acquisitions Inc. (TSXV:CAK.P) in a reverse merger transaction on March 16, 2012. Capricorn Business will issue 31.88 million shares and 2.5 million share purchase warrants to the existing shareholders of Energex. Energex will undertake a financing by issuing 5 million Capricorn shares and 2.5 million share purchase warrants and the parties intend to complete a further financing concurrent with the closing of the transaction. Prior to the completion of the transaction, and subject to the receipt of shareholder approval, Capricorn is expected to complete a share consolidation of the Capricorn Shares on a 1.6 old shares for one 1 new share basis. The terms of the letter of intent have been amemded as on July 24, 2012. According the amemded terms, Mendel Ekstein will resign as the Director of Capricorn Business Acquisitions Inc. Energex is currently undertaking a financing for maximum gross proceeds of CAD 0.7 million at a price of CAD 0.04 per unit with each unit consisting of one Energex Share and one half of one Energex Warrant. As consideration for the amalgamation of Energex, holders of Energex Shares will be entitled to receive one consolidated Capricorn share for every two Energex Shares. Energex warrants and broker warrants will be exchanged for securities of Capricorn on the same basis as Energex Shares for consolidated Capricorn warrants and consolidated Capricorn broker warrants. The transaction is subject to exchange acceptance, completion of satisfactory due diligence by July 31, 2012, completion of the financing and all required shareholders, Board approvals, receipt of an exemption or waiver of sponsorship, negotiation and execution and delivery of the formal amalgamation agreement and listing of shares on or before September 30, 2012.