Rockwater Energy Solutions, Inc. signed an asset purchase agreement to acquire substantially all assets of Poseidon Concepts Corp. (TSX:PSN) for CAD 51.4 million on May 28, 2013. Poseidon Concepts Corp. will continue to operate its business through the closing of the deal. The transaction is subject to the approval of the Alberta Court of the Queen's Bench and United States Bankruptcy Court. PricewaterhouseCoopers Inc. is the court appointed monitor for purposes of the CCAA and Chapter 15 proceedings and will file a Monitor's report as part of the court application to approve the sale transaction. The transaction is approved by Court of Queen's Bench of Alberta, Calgary Division on June 6, 2013. The transaction is expected to be completed in late June or early July 2013.

Ernst &Young Orenda Corporate Finance Inc. acted as the financial advisor to Poseidon Concepts Corp. Howard A. Gorman of Norton Rose Canada LLP acted as legal counsel to Poseidon Concepts Corp. Dentons Canada LLP acted as counsel to Poseidon's secured lenders. Borden Ladner Gervais LLP and Chip Johnston, Aimee Halfyard, Andrew Beamer, Gianfranco Matrangolo and Andrew Wong, Susan Hutton, Paul Beaudry, Douglas Richardson and Ryan Sheahan of Stikeman Elliott LLP and Vinson & Elkins LLP acted as legal counsel and Peters & Co. acted as financial advisor to Rockwater Energy Solutions, Inc. Brent R. Cohen and Chad Caby of Bennett Jones LLP and Kenneth T. Lenz of Rothgerber Johnson & Lyons LLP acted as legal advisors to PricewaterhouseCoopers, the court appointed monitor.