PetroBakken To Pick Up Energy Co. For $241.5M

Law360, New York (March 2, 2010, 12:35 PM EST) -- Canadian light oil producer PetroBakken Energy Ltd. said Tuesday it planned to shell out CA$251.4 million ($241.5 million) to purchase an unnamed private oil and gas company holding assets in Canada's west Pembina Cardium play.

Under the terms of the transaction, PetroBakken will offer up CA$88.7 million in cash and 5.7 million of its common shares and will absorb the private company's estimated CA$2 million in debt, the acquiring company said Tuesday. PetroBakken said it expected the deal to close before the end of April....
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