Complete Calpine Merger CALGARY, Alberta, and SAN JOSE, Calif., April 18 /PRNewswire/ -- Encal Energy Ltd. ("Encal") (NYSE: ECA; Toronto: ENL) and Calpine Corporation (NYSE: CPN) announced today that the proposed merger with Calpine Corporation was approved earlier today at a special meeting of shareholders and optionholders. The shareholders and optionholders voted 99.95% in favor of the resolution approving the entering into of the Plan of Arrangement to effect the business combination with Calpine Corporation. The proposed merger was also approved today by the Court of Queen's Bench of Alberta. Encal and Calpine expect to consummate the merger on April 19, 2001. The matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities and Exchange Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of Encal and Calpine and their management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties and actual results could differ materially from those indicated by such forward-looking statements. Among the important factors that could cause results to differ materially from those indicated by such forward-looking statements are (i) that the information is of a preliminary nature and may be subject to further adjustments, (ii) risks associated with mergers including the ability to integrate Encal and Calpine operations, (iii) changes in government regulation, (iv) general operating risks, (v) the dependence on third parties, including Encal shareholders, (vi) the dependence on senior management, (vii) the successful exploitation of an oil or gas resource that ultimately depends upon the geology of the resource, the total amount and cost to develop recoverable reserves, and operational factors relating to the extraction of natural gas, and (viii) other risks identified from time to time in Encal's Annual Report and Annual Information Form filed with the Canadian regulatory authorities and Calpine's reports and registration statements filed with the Securities and Exchange Commission. SOURCE Calpine Corporation -0- 04/18/2001 /CONTACT: David D. Johnson, President and Chief Executive Officer, or Steven A. Allaire, Vice President Finance and Chief Financial Officer, 403-750-3300, or fax 403-266-2337 or firstname.lastname@example.org, both of Encal Energy Ltd.; or Bill Highlander, ext. 1244, or investors, Rick Barraza, ext. 1125, both of Calpine Corporation, 408-995-5115/ /Web site: http://www.calpine.com/ (CPN ENL. ECA) CO: Encal Energy Ltd.; Calpine Corporation ST: California, Alberta IN: OIL SU: TNM -0- Apr/18/2001 23:50 GMT
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