Dana Petroleum to acquire Bow Valley Energy

Dana Petroleum PLC plans to acquire Bow Valley Energy Ltd. for $240 million (Can.), including the assumption of $197 million in debt and other obligations.

By OGJ editors
HOUSTON, Feb. 24 -- Dana Petroleum PLC plans to acquire Bow Valley Energy Ltd. for $240 million (Can.), including the assumption of $197 million in debt and other obligations.

Dana is a UK-based independent exploration and production company with assets in the North Sea. Bow Valley is a Calgary-based independent with operations in the UK North Sea and in Alaska.

In November 2008 Bow Valley's board formed an independent special committee to study the company's strategic alternatives. The special committee and the Bow Valley board unanimously approved the proposed transaction with Dana.

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