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Pinecrest to be Acquired by Virginia Hills

Virginia Hills Oil Corp Pinecrest Energy Inc.
AnnouncedFeb 17, 2015
TypeCorporate
Announced Date
February 17,2015
Effective Date
April 15,2015
Close Date
April 15,2015
Transaction Type
Corporate
Enterprise Value (EV)($MM)
24




Snapshot
Asset/Basin:
{"Western Canadian Sedimentary Basin"}
TargetZones:
{"Slave Point"}
Net Acres
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Net Operated Locations:
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Location
Region
Canada

Country
Canada


Transaction Details:  Subscribe to see

Pinecrest Energy Inc. has announced that it has entered into an agreement with Virginia Hills Oil Corp. and a junior dividend paying company pursuant to which, among other things, Pinecrest will carry out a reorganization of its business which will result in Virginia Hills acquiring approximately 90% of Pinecrest's current assets and continuing on as the resulting public company and Pinecrest, then holding approximately 10% of its existing assets, will be purchased by the Purchaser for upfront proceeds to Virginia Hills of $23.5 million, subject to certain adjustments.

In addition to the…


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