PetroBakken Energy Ltd.
TSX : PBN

PetroBakken Energy Ltd.

January 25, 2010 12:47 ET

PetroBakken Closes US$750 Million Convertible Note Offering and Appoints Vice President Finance

CALGARY, ALBERTA--(Marketwire - Jan. 25, 2010) - PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN) is pleased to announce the closing of our previously announced offering of convertible notes (the "Offering"). The Offering consisted of US$750 million principal amount of convertible notes due 2016 (the "Notes"). The Notes are convertible into common shares of PetroBakken with an annual coupon of 3.125% and a conversion price of US$39.61 per share. The Offering resulted in gross proceeds of US$750 million.

The Offering was led by ABG Sundal Collier Norge ASA as sole bookrunner, TD Securities Inc. and RBC Capital Markets acted as co-lead advisors and BMO Capital Markets, BNP Paribas (Canada) Securities Inc., CanaccordAdams, CIBC World Markets Inc., FirstEnergy Capital Corp., GMP Securities L.P., Haywood Securities Inc., Scotia Capital Inc., Societe Generale (Canada Branch), Merrill Lynch Canada Inc. and UBS Securities Canada Inc. acted as strategic advisors in respect of the Offering.

PetroBakken is pleased to announce the appointment of Peter D. Scott as Vice President Finance. Before joining PetroBakken, Peter was Vice President Finance and Chief Financial Officer of Iteration Energy. Prior thereto, Peter was Vice President Finance, Chief Financial Officer and a founding member of Rock Energy Inc. Peter brings over twenty five years of industry and financial experience and we are delighted to welcome him to the PetroBakken team.

PetroBakken Energy Ltd. is a premier light oil production company combining, high growth, long-life Bakken reserves and production with legacy conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken has a multi-year inventory of Bakken and light oil development locations, along with significant future development opportunities in the Horn River and Montney gas resource plays in northeast BC and the Cardium in Alberta. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.

Contact Information

  • PetroBakken Energy Ltd.
    John D. Wright
    Chairman of the Board and Chief Executive Officer
    (403) 750-4400
    or
    PetroBakken Energy Ltd.
    R. Gregg Smith
    President and Chief Operating Officer
    (403) 750-4400
    or
    PetroBakken Energy Ltd.
    Corey C. Ruttan
    Executive Vice President and Chief Financial Officer
    (403) 750-4400
    or
    PetroBakken Energy Ltd.
    Peter D. Scott
    Vice President, Finance
    (403) 750-4400
    or
    PetroBakken Energy Ltd.
    Bill Kanters
    Vice President Business Development and Corporate Planning
    (403) 750-4400
    ir@petrobakken.com
    www.petrobakken.com