Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Bonterra, Spartan in Talks to Create Cardium-Focused Producer
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Bonterra Energy Corp. has made an offer to Spartan Oil Corp. pursuant to which Bonterra will acquire all of the outstanding common shares of Spartan in exchange for common shares of Bonterra by way of a plan of arrangement under the Business Corporations Act (Alberta).
The Arrangement will result in a dominant Cardium focused light oil producer with interests in the Greater Pembina area of Alberta.
While negotiations are ongoing, a binding agreement has not yet been signed. Therefore there can be no assurance that any transaction will result from these discussions, or as to the timing, structure or terms of any transaction.
The merger of Bonterra's and Spartan's asset bases is of strong strategic value for both of their respective shareholders as the resulting company will have one of the…
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