PetroBakken Energy Ltd.
TSX : PBN

PetroBakken Energy Ltd.
Result Energy Inc.
TSX VENTURE : RTE

Result Energy Inc.

April 06, 2010 12:22 ET

Result Energy Shares to Be De-Listed From the TSXV

CALGARY, ALBERTA--(Marketwire - April 6, 2010) - PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN) a 58% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), and Result Energy Inc. ("Result") (TSX VENTURE:RTE) announce that the common shares of Result will be de-listed from the TSX Venture Exchange at the close of business on Wednesday, April 7, 2010. The de-listing of Result's common shares from the TSX Venture Exchange is being completed as a result of the acquisition of Result by PetroBakken completed on April 1, 2010, whereby PetroBakken acquired all of the issued and outstanding common shares of Result by way of plan of arrangement. The acquisition was approved at the special meeting of Result shareholders held on March 29, 2010, with 99.43% of the votes cast by the Result shareholders present at the meeting in person or by proxy voting in favour of the special resolution to approve the acquisition.

In accordance with the plan of arrangement, those Result shareholders that elected the share consideration option will receive 0.013023 of a PetroBakken share for each Result share held. Those Result shareholders who elected the cash consideration option, the combination consideration option or those who were deemed to elect the default consideration option will receive cash in the amount $0.15450794882 per Result share held and 0.00823231166 of a PetroBakken share per Result share held.

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.

Result Energy Inc. is a junior oil and gas company that produces and explores for oil and gas in the Western Canadian Sedimentary Basin with its primary growth areas focused in the Pembina region.

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
    and Director
    403.750.4400
    or
    PetroBakken Energy Ltd.
    Peter D. Scott
    Vice President, Finance
    403.750.4400
    or
    PetroBakken Energy Ltd.
    Bill A. Kanters
    Vice President Business Development and Corporate Planning
    403.750.4400
    ir@petrobakken.com
    www.petrobakken.com