2009-08-10-2008-08-01-2008-08-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
35MM
Description

Bought co., gaining 1 MMBO/2.9 Bcfg net proved, 293 BOE/d.

Calgary-based TriAxon Resources Ltd., Calgary, has acquired approximately 93% of the outstanding shares of Longbow Resources Inc., Calgary, (Toronto Venture: LBR) for approximately C$35 million. TriAxon acquired 50.4 million shares at C$0.70 each, and plans to make a compulsory buy of the remaining 7% of Longbow shares. Pro forma, all Longbow board members will resign and will be replaced with TriAxon. Longbow has 104 gross wells (37.7 net) on 111,794 gross undeveloped acres (30,503 net) in Alberta, British Columbia and Saskatchewan. Production as of Dec. 31 was 293 barrels of oil equivalent per day. Proved reserves as of Dec. 31 were 1.9 million gross barrels of oil (1.4 million net), 3.9 billion cubic feet of gas (2.9 million net) and 35,000 barrels of gas liquids (23 million net).