Petrobank acquires 97% of Barrington Petroleum

Petrobank Energy & Resources Ltd. has agreed to acquire Sunoma Energy Corp.'s 97% share of Barrington Petroleum Ltd. for $40.8 million (Can.) plus a $13.1 million intercompany loan owed by Barrington to Sunoma.


By the OGJ Online Staff

HOUSTON, Mar. 26�Petrobank Energy & Resources Ltd. has agreed to acquire Sunoma Energy Corp.'s 97% share of Barrington Petroleum Ltd. for $40.8 million (Can.) plus a $13.1 million intercompany loan owed by Barrington to Sunoma.

The sale was arranged by Sunoma's receiver and manager, PricewaterhouseCoopers Inc. PwC has been working on a potential sale since October.

The sale is expected to be complete in early April, subject to regulatory and court approvals and unnamed conditions.

The agreement contemplates that all current directors and officers of Barrington will resign or be terminated concurrent with closing, said a statement. Nominees of Petrobank will assume those positions on closing.

Barrington has also signed a detailed purchase and sale agreement for the disposition of its Cold Lake First Nations property (OGJ Online, Feb. 28, 2001). Closing is scheduled for Apr. 2.

More in Companies