Exploration & Production | Government & Regulatory | Top Story
PetroBakken Reorganization Gets Shareholder Approval
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PetroBakken Energy Ltd. has reported that its previously announced corporate reorganization, which will result in shareholders of Petrobank Energy and Resources Ltd. receiving Petrobank's 56% interest in PetroBakken, has been approved by the shareholders of each of Petrobank and PetroBakken.
PetroBakken will seek final approval of the Court of Queen's Bench of Alberta on Tuesday, December 18, 2012 and anticipate that the Arrangement will be made effective on December 31, 2012.
The Reorganization is expected to be non-taxable to PetroBakken and its shareholders. Tax information has been published on the websites of both Petrobank and PetroBakken and shareholders are encouraged to seek the advice of their own tax professionals.
Concurrent with the Reorganization, PetroBakken has adopted a…
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