Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/petrus-resources-enters-into-an-agreement-to-acqui.shtmlPetrus Resources enters into an agreement to acquire Arriva Energy
Petrus Resources Ltd. says that a series of transactions that will, among other things, increase daily production to approximately 10,000 boe/d
Edit page New page Hide edit links
Petrus Resources Ltd. says that a series of transactions that will, among other things, increase daily production to approximately 10,000 boe/d and significantly expand the Company's drilling inventory. The Company:
◾ has entered into a pre-acquisition agreement (the "Ravenwood Pre-Acquisition Agreement") with Ravenwood Energy Corp. (Ravenwood) pursuant to which it has made an all-cash offer to acquire 100% of the issued and outstanding common shares of Ravenwood (the "Ravenwood Shares"); ◾ expects to complete its outstanding offer to acquire 100% of the issued and outstanding common shares of Arriva Energy Inc. ("Arriva") on or about September 8, 2014; ◾ has entered into agreements with a group of financial institutions pursuant to which, immediately prior to the completion of the acquisition of the Ravenwood Shares, such institutions have agreed to provide a loan and credit facilities in the aggregate amount of $290 million, comprised of: ◾ a syndicated credit facility in the amount of $200 million; and
