Oberndorf Entities Announce Acquisition of Shares in Spartan Oil Corporation

TORONTO, Dec. 13, 2012 /CNW/ - William E. and Susan C. Oberndorf Trust dated 10/19/1998, Oberndorf Family Partners and William E. Oberndorf IRA (the "Oberndorf Entities") announced today that as a result of purchases over the Toronto Stock Exchange, they have acquired an aggregate of 8,417,000 common shares of Spartan Oil Corporation ("Spartan Oil"), representing approximately 10.09% of the issued and outstanding common shares of Spartan Oil (based on a total of 83,393,796 common shares issued and outstanding).

William E. Oberndorf is the sole general partner of Oberndorf Family Partners, a family partnership, trustee for the William E. and Susan C. Oberndorf Trust dated 10/19/1998 and beneficial owner of the IRA account.  As such, William E. Oberndorf may be considered to exercise control or direction over the common shares owned by the Oberndorf Entities.

The Oberndorf Entities acquired the common shares for investment purposes.  Consistent with such purpose, the Oberndorf Entities have had, and may have in the future, discussions with management of Spartan Oil and may make suggestions concerning Spartan Oil's operations, prospects, business and financial strategies, assets and liabilities, business and financing alternatives and such other matters as the Oberndorf Entities may deem relevant to their investments in the common shares and other securities of Spartan Oil.  Each of the Oberndorf Entities expects that it will, from time to time, review its investment position in Spartan Oil and may, depending on market and other conditions, including, but not limited to,  the state of the current acquisition transaction for Spartan Oil, increase or decrease its investment position in the common shares or other securities of Spartan Oil.

Whether the Oberndorf Entities acquire any additional common shares or other securities of Spartan Oil or dispose of any common shares or other securities of Spartan Oil, and the amount and timing of any such transactions, will depend upon the Oberndorf Entities' individual continuing assessments of pertinent factors, including, but not limited to, the state of the current acquisition transaction for Spartan Oil, the availability of common shares or other securities of Spartan Oil for purchase at particular price levels, Spartan Oil's and the particular Oberndorf Entity's business and prospects, other business investment opportunities available to the particular Oberndorf Entity, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the board of directors and management of Spartan Oil, the availability and nature of opportunities to dispose of the particular Oberndorf Entity's interest in Spartan Oil, to realize trading profits or minimize trading losses, and other plans and requirements of the particular Oberndorf Entity.  Depending upon its individual assessments of these factors from time to time, each Oberndorf Entity may change its present intentions as stated above, including determining to acquire additional common shares or other securities of Spartan Oil (by means of open market or privately negotiated purchases) or to dispose of some or all of the common shares or other securities of Spartan Oil held by or under the control of such Oberndorf Entity.  In addition, each Oberndorf Entity may from time to time enter into equity swap or other derivative transactions with respect to its investment in the common shares or other securities of Oberndorf.

William Oberndorf will be filing a report (as contemplated by National Instrument 62-103 - The Early Warning System and Related Takeover Bid and Insider Reporting Issues) in connection with the acquisition of the Spartan Oil common shares. 

SOURCE: William E. Oberndorf

or to obtain a copy of the report, please contact:  Krista A. Rosen, Chief Financial Officer, Oberndorf Enterprises LLC, telephone [phone]