Petrobank, PetroBakken agree to reorganize

Petrobank Energy & Resources Ltd. and PetroBakken Energy Ltd., in which Petrobank has held a 57% interest, have agreed to reorganize into two independent companies.

A new Alberta corporation, New Petrobank, will acquire existing assets and liabilities of Petrobank, which include oil sands leases in Alberta and a proprietary fireflood technology, except for Petrobank’s ownership interest in PetroBakken shares.

Existing shareholders of Petrobank will receive one share of New Petrobank for each Petrobank share held.

The effect will be to distribute Petrobank’s heavy oil business to New Petrobank.

After that distribution, Petrobank and PetroBakken will combine and work under the name PetroBakken Energy Ltd. Existing PetroBakken shareholders will receive one share of this new company for every share of PetroBakken held previously. Petrobank shareholders will receive in aggregate a number of the new PetroBakken shares equal to the number of old PetroBakken shares held by Petrobank immediately before the reorganization.

PetroBakken’s operations include light-oil Bakken (Saskatchewan) and Cardium (Alberta) resource plays and conventional light-oil assets in Saskatchewan.

New Petrobank will focus on commercializing its THAI fireflood technology, developing heavy oil properties with cold and thermal production methods, expanding its land inventory, and seeking technology licensing opportunities.

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