Cardinal Energy Ltd. will acquire all of the issued and outstanding common shares of Pinecrest Energy Inc. after Pinecrest transfers certain assets and liabilities into a newly formed publicly listed company. Assets retained in Pinecrest to be acquired by Cardinal are expected to produce approximately 170 boe/d (97% light oil and NGLs).

Light Oil Acquisition

Cardinal will acquire Pinecrest pursuant to a plan of arrangement under the Business Corporations Act (Alberta) with Pinecrest and Virginia Hills Oil Corp. Pursuant to the Arrangement, Pinecrest shareholders will exchange their shares for shares and arrangement rights of Virginia Hills and Pinecrest will subsequently transfer certain assets and liabilities to Virginia Hills.

Tags: Cardinal Energy Group