ENMAX Acquisition Corp., an indirect wholly-owned subsidiary of ENMAX Corporation (collectively “ENMAX”), announces that ENMAX and Cordero Energy Inc. ("Cordero") (TSX: COR) have agreed to extend and amend their agreement for ENMAX to acquire all of the issued and outstanding common shares of Cordero.

This amendment enables:

• Cordero to declare and pay a Conditional Special Cash Dividend of $0.45 per share to all Cordero shareholders of record at 4:29 p.m. (Calgary time) June 27, 2008, conditional upon ENMAX giving notice to take-up and pay for shares validly tendered to ENMAX’s offer; and
• an extension of ENMAX’s offer to shareholders to June 27, 2008.

“We feel that the extra value that has been created by Cordero since starting this acquisition belongs to its shareholders, so we have agreed to allow Cordero to deliver this value back through a special dividend”, said Gary Holden, President & CEO of ENMAX Corporation. 

As a result, upon ENMAX taking-up: 

• from Cordero, a $0.45 per share cash dividend to all shareholders; and
• from ENMAX, $4.75 cash per share to tendering shareholders,

resulting in total cash consideration of $5.20 per share to tendering shareholders.

Pursuant to the amendment, ENMAX is further extending the previously announced offer dated March 10, 2008, as amended, to purchase all of the issued and outstanding shares of Cordero for $4.75 cash (post-dividend) per Cordero share until 4:30 p.m. (Calgary time) on June 27, 2008.

A notice of extension will be mailed to Cordero's shareholders.

Copies of the notice of extension (in both English and French) will be filed with various securities regulatory authorities in Canada and will be available on the SEDAR website (www.SEDAR.com) under Cordero’s profile.

About ENMAX
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe and reliable electricity for more than 100 years. ENMAX provides electricity, natural gas and value-added services to more than half a million residential, commercial and industrial customer accounts in Alberta. Through a subsidiary, ENMAX Energy is one of Alberta’s largest investors in renewable energy with partial ownership of the McBride Lake Wind Farm and complete ownership of the Taber Wind Farm. ENMAX Energy’s Greenmax was one of the first green power marketing programs in Canada, and celebrates its 10th anniversary in 2008. Visit our website at enmax.com.

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