TriStar Oil & Gas, Real Resources to merge

By OGJ editors
HOUSTON, May 23 -- TriStar Oil & Gas Ltd. and Real Resources Inc. agreed to merge, and the resulting new company is projected to produce 15,250 boe/d by Dec. 31. Production would be 60% light crude oil and 40% natural gas.

The combined company would have proved and probable base reserves of more than 49 million boe. It will operate under the TriStar name, now the smaller of the two companies.

TriStar's exploration and production operations are in southeast Saskatchewan and south-central Alberta. Real Resources also produces oil and gas in Western Canada. Both companies are based in Calgary.

Closing is expected in August. The merger remains subject to regulatory approval and the approval by a majority of at least two thirds of shareholders of both TriStar and Real. The boards of both companies already unanimously approved the transaction.

Terms call for each TriStar shareholder to receive 0.4762 share of new TriStar stock for each share of TriStar already held. Each Real shareholder will continue to hold one share of new TriStar for each share of Real stock already held. The transaction will be accomplished on a tax-deferred basis in Canada.

TriStar shareholders will own 42% of the resulting company while Real shareholders will will own 58%. The board will be comprised of 10 members including seven representatives from TriStar and three representatives from Real.

Related Articles

Cenovus gets AER approval for Grand Rapids oil sands project

03/21/2014 Cenovus Energy Inc. reported that it has received approval from the Alberta Energy Regulator (AER) for its wholly owned Grand Rapids thermal oil sa...

Shell lets contracts for Majnoon development

03/18/2014 Shell Iraq Petroleum Development BV has let engineering and procurement services contracts to Foster Wheeler Kentz Energy Services DMCC, Dubai, for...

Ivanhoe halts Tamarack oil sands project citing lack of regulatory ‘clarity’

03/18/2014 Ivanhoe Energy Inc. has suspended activity on its Tamarack oil sands project pending approval for its thermal oil sands application from the govern...

Madagascar Oil provides Tsimiroro field activity update

03/18/2014 Madagascar Oil Ltd. reported that its steam-flood pilot (SFP) in Tsimiroro heavy oil field has increased oil production from 222 b/d in December 20...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected