Date Closed

March 12, 2010

Lead Office

Calgary

Value

254.00 Million CAD

On March 12, 2010, PetroBakken Energy Ltd. (“PetroBakken”) announced that it had closed the acquisition of Rondo Petroleum Inc. (“Rondo”). The acquisition was completed by way of a plan of arrangement with the unanimous approval of all of Rondo’s shareholders. PetroBakken acquired all of the outstanding shares of Rondo for C$254 million in consideration comprised of $88.7 million cash, the issuance of approximately 5.5 million PetroBakken shares and the assumption of Rondo’s debt.

PetroBakken, based in Calgary, Alberta, is a premier light oil production company combining, high growth, long-life Bakken reserves and production with legacy conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken has a multi-year inventory of Bakken and light oil development locations, along with significant future development opportunities in the Horn River and Montney gas resource plays in northeast BC and the Cardium in Alberta.

Rondo Petroleum, based in Calgary, Alberta, engages in the exploration and acquisition of oil and gas in West Central Alberta.

McCarthy Tétrault LLP represented PetroBakken, as acquiror, with a team led by Andrew Grasby.