PetroBakken completes C$438 million acquisition of Result Energy
Date Closed
April 1, 2010
Lead Office
Calgary
Value
438.00 Million CAD
On April 1, 2010, PetroBakken Energy Ltd. ("PetroBakken"), a 58% owned subsidiary of Petrobank Energy and Resources Ltd., and Result Energy Inc. ("Result") announced the closing of the acquisition of Result by PetroBakken.
The acquisition was completed by way of plan of arrangement with 99.43% of Result shares voted approving the acquisition of Result by PetroBakken. PetroBakken acquired all of the outstanding shares of Result for total consideration of approximately C$438 million, inclusive of Result's positive working capital. Result shareholders received C$200 million in cash and 11.2 million PetroBakken shares.
PetroBakken Energy, 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.
Result Energy, based in Calgary, Alberta, is an independent junior oil and gas company
McCarthy Tétrault LLP represented PetroBakken, as acquiror, with a team led by Andrew Grasby.