Deals - Acquisition, Mergers, Divestitures
Pinecrest, Spartan Oil Join Forces to Create Light Oil-Focused Co.
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Pinecrest Energy Inc. and Spartan Oil Corp. have entered into an arrangement agreement providing for the combination of Pinecrest and Spartan to form a premier light oil weighted entity that will provide shareholders with a sustainable model of income and production growth. The Combined Company will have an enterprise value approaching $1 billion and an attractive suite of high netback light oil projects.
Under the terms of the Arrangement Agreement, the merger will be completed through the acquisition by Pinecrest of all of the outstanding common shares of Spartan on the basis of 2.738 common shares of Pinecrest for each outstanding Spartan Share. The exchange ratio in respect of the Transaction represents a deemed price of $5.12 per Spartan Share and a deemed price of $1.87 per…
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