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 $438m, inclusive of Result’s positive working capital. Result shareholders received $200m in cash and 11.2 million PetroBakken shares.
PetroBakken is a light oil production company combining Bakken reserves and production with legacy conventional light oil assets, delivering operating netbacks, strong cash flows and production growth, the company said.
The company has a multi-year inventory of Bakken and light oil development locations, along with future development opportunities in the Horn River and Montney gas resource plays in northeast British Columbia and the Cardium in Alberta. The company’s strategy is to deliver accretive production and reserves growth.
