PetroBakken Energy Ltd.
TSX : PBN

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

Result Energy Inc.

April 01, 2010 12:41 ET

PetroBakken Completes Acquisition of Result Energy

CALGARY, ALBERTA--(Marketwire - April 1, 2010) - PetroBakken Energy Ltd. ("PetroBakken") (TSX:PBN), a 58% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), and Result Energy Inc. ("Result") (TSX VENTURE:RTE) are pleased to announce the closing today of the acquisition of Result by PetroBakken.

The acquisition was completed by way of plan of arrangement with 99.43% of Result shares voted approving the acquisition of Result by PetroBakken. PetroBakken acquired all of the outstanding shares of Result for total consideration of approximately $438 million, inclusive of Result's positive working capital. Result shareholders received $200 million in cash and 11.2 million PetroBakken shares. It is expected that the shares of Result will be de-listed from the TSX Venture Exchange at the close of business on Tuesday, April 6, 2010.

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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
    or
    PetroBakken Energy Ltd.
    Suite 1900, 111 - 5th Avenue S.W.
    Calgary, Alberta, T2P 3Y6
    403.750.4400
    403.266.5794 (FAX)
    ir@petrobakken.com
    www.petrobakken.com