Spartan Oil Corp said it has agreed to be acquired by Bonterra Energy Corp and terminated its earlier merger agreement with Pinecrest Energy Inc. Spartan's board termed Bonterra's offer a "superior proposal," and the company paid Pinecrest a non-completion fee of C$12.5 million.Calgary-based Bonterra on Tuesday offered to purchase Spartan for about C$441 million ($446.92 million), and said the combined company would have one of the premier light-oil assets around the Pembina region in the western Canadian province of Alberta.Pinecrest agreed last month to acquire Spartan in a bid to raise its output from reserves in Alberta and Saskatchewan.
Bonterra Energy Corp. is an oil and gas company. All of the Company's oil and natural gas properties are located in the Provinces of Alberta, British Columbia and Saskatchewan. Shares of BNE traded higher by 0.62% or $0.26/share to $42.10. In the past year, the shares have traded as low as $39.65 and as high as $57.40. On average, 24775 shares of BNE.TO exchange hands on a given day and today's volume is recorded at 188671.
Pinecrest Energy Inc. (Pinecrest), formerly Antler Creek Energy Corp. Shares of PRY remained unchanged at $1.66. In the past year, the shares have traded as low as $1.39 and as high as $3.49. On average, 3288960 shares of PRY.V exchange hands on a given day and today's volume is recorded at 1365221.
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