Exploration & Production
Petrobank Spins-off Bakken Producer - PetroBakken
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Petrobank Energy and Resources Ltd has entered into an agreement with its 57% owned subsidiary, PetroBakken Energy Ltd, to complete a corporate reorganization:
A new company (New Petrobank) will be formed which will acquire all of Petrobank's assets, except for its stake in PetroBakken Existing Petrobank shareholders will receive one share of New Petrobank for every share of Petrobank held Following the distribution, another new company (New PetroBakken) will be formed by the amalgamation of Petrobank and PetroBakken PetroBakken shareholders will receive one share of New PetroBakken for every share held and Petrobank shareholders will receive a number of New PetroBakken shares equal to the number of PetroBakken Shares held by Petrobank.As a result of the reorganization, New PetroBakken…
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