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Twin Butte Energy completes acquisition of private oil producer


Published Nov 7, 2013
Twin Butte Energy Ltd.

Twin Butte Energy Ltd. announce that the acquisition of Black Shire Energy Inc. pursuant to a plan of arrangement under theBusiness Corporations Act (Alberta) was completed today (the "Acquisition") for total consideration of approximately $358.0 million, including the assumption of approximately $107.6 million of net debt.

Total cash of $138 million was allocated to former Black Shire shareholders along with the issuance of approximately 54.0 million common shares to acquire all of the outstanding securities of Black Shire. After giving effect to the Acquisition and the conversion of all of the subscription receipts discussed below, approximately 342.1 million common shares of Twin Butte are outstanding.

Black Shire, which was amalgamated with Twin Butte following the completion of the Acquisition, was a private company with a focused asset base in the greater Provost area, producing approximately 7,000 boe per day (93 percent medium gravity oil).

Tags: Twin Butte Energy Ltd.




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