Shareholders of Petrobank Energy & Resources Ltd. and its 56%-owned subsidiary PetroBakken Energy Ltd., both of Calgary, have approved a reorganization in which the companies will emerge as separate entities (OGJ Online, Oct. 30, 2012).

PetroBakken is currently the second largest landowner in Saskatchewan’s Bakken play. After a complex exchange of stock shares, a new company called New Petrobank will own and operate Petrobank’s heavy oil business.

The companies expected prompt government approvals and an effective date of Dec. 31 for the transaction.