Petrobank wraps buy-up of Sunoma's Barrington shares

Petrobank Energy & Resources Ltd. said Thursday that it had completed the acquisition of Sunoma Energy Corp.'s 97.2% stake in Barrington Petroleum Ltd. When first announced on Mar. 23, the share buy-up was valued at over $53 million (Can.). The previously announced purchase price of $0.71/Barrington common share has been adjusted to $0.68/common share, said Petrobank.

April 13, 2001

By the OGJ Online Staff

LONDON, Apr. 13--Petrobank Energy & Resources Ltd. said Thursday it had completed the acquisition of Sunoma Energy Corp.'s 97.2% stake in Barrington Petroleum Ltd. When first announced on Mar. 23, the share buy-up was valued at over $53 million (Can.).

Petrobank has replaced Barrington's board of directors with four its own officers, John D. Wright, M. Bruce Chernoff, Ken McCagherty, and David J. Rain.

The previously announced purchase price of $0.71/Barrington common share has been adjusted to $0.68/common share, said Petrobank.