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Petrus Resources enters into an agreement to acquire Arriva Energy


Published Sep 4, 2014
Petrus Resources Ltd.

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

Tags: Petrus Resources Ltd.




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