Gibson Energy Inc. Completes Acquisition Of Palko Environmental Ltd.

CALGARY, Dec. 8, 2011 /PRNewswire/ - Gibson Energy Inc. (TSX: GEI) ("Gibson"), is pleased to announce the completion of Gibson's previously announced acquisition of Palko Environmental Ltd. ("Palko") pursuant to a plan of arrangement under the Business Corporations Act ( Alberta).

The plan of arrangement was approved by approximately 99.99% of the votes cast by Palko securityholders at the special meeting of securityholders held on December 7, 2011.

Gibson issued a total of 2,383,392 Common Shares and paid approximately $5.8 million in cash to acquire the Palko shares it did not already own (being approximately 61% of Palko's outstanding shares).  In addition, Gibson paid out existing debt and assumed working capital of Palko, estimated at $18.3 million. Palko's shares will be delisted from the Toronto Stock Exchange as soon as possible.

"We are excited about the opportunities and synergies that the new Custom Treating and Terminals division will provide Gibson and look forward to a smooth combination of the Palko and Gibson organizations," said Stew Hanlon, President and Chief Executive Officer of Gibson.

All references to monetary amounts in this press release are to Canadian dollars.

About Gibson

Gibson is one of the largest independent midstream energy companies in Canada and a major participant in the crude oil transportation business in the United States.  Gibson transports hydrocarbons and water by utilizing its integrated network of terminals, pipelines and truck fleet, located throughout western Canada and the United States.  Gibson's shares trade on the Toronto Stock Exchange under the symbol GEI.

Gibson's primary objective is to generate stable and growing cash flows for shareholders through an attractive dividend and a growing asset base.