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Dana Gas Buys Centurion Energy for 1.15 Billion Canadian Dollars

Dana Gas, a United Arab Emirates based company incorporated in the emirate of Sharjah to develop and market gas and petroleum has agreed to purchase the Canadian company, Centurion Energy International Inc. based in Calgary, Alberta for 1.15 billion dollars Canadian. Dana Gas will pay 12 Canadian Dollars per share, 36% above the company`s current stock price.

Hamid Dhiya Jafar, executive chairman of Dana Gas, said: "We are pleased to have entered into this agreement with Centurion. The complementary operations, strategy and approach to business make Centurion particularly valuable to Dana Gas.``

The company managed to raise $78 billion when the company sold shares to the public in an October 2005. The sale was managed by HSBC Holdings Plc. Today 21% of Dana Gas is owned by Sharjah-based Crescent Petroleum Co. This company, like all other petroleum companies in the UAE, is owned by members of the Emirate`s royal families. In April 2001 Dana Gas signed an agreement with Iranian gas officials. This agreement stated that Dana Gas was to distribute Iranian as of November 2005. Currently Iran has not supplied any such oil. Iranian officials have said that Iran will not export gas to the UAE until the UAE agrees to pay higher prices.