CALGARY, Sept. 5 /CNW/ - Cadence Energy Inc. ("Cadence") is pleased to announce that following the acquisition by Barrick Gold Corporation ("Barrick") of over 94% of the common shares of Cadence (the "Cadence Shares"), David Boone has been appointed as Cadence's new Chief Executive Officer. Mr. Boone has more than 30 years of oil and gas industry operating experience. Prior to joining Cadence, he held the position of Chief Operating Officer and Executive Vice-President at PanCanadian Petroleum and President of International and Offshore Operations at Encana Corporation. Most recently, Mr. Boone was President of Escavar Energy, which he co-founded in 2003.

In accordance with the support agreement entered into by Barrick and Cadence on July 20, 2008, the directors of Cadence resigned earlier today and were replaced by nominees of Barrick. The board has also accepted the resignations of certain Cadence officers and appointed additional officers.

As previously announced by Cadence on August 8, 2008, in connection with Barrick's acquisition of control of Cadence, Cadence elected to adjust the conversion rate and related conversion obligation of its 4.75% convertible unsecured subordinated debentures due on June 30, 2012 (the "Cadence Debentures") such that the Cadence Debentures would become convertible into common shares (the "Barrick Shares") of Barrick following the effective date of the change of control of Cadence. Accordingly, the Cadence Debentures have become convertible into Barrick Shares at a rate of 18.81 Barrick Shares for each $1,000 principal amount of Debentures (subject to further adjustment in accordance with the indenture governing the terms of the Cadence Debentures). In addition, Barrick has guaranteed the payment obligations of Cadence under the Cadence Debentures pursuant to a supplemental indenture entered into today by Cadence, Barrick and Computershare Trust Company of Canada, as trustee.