2009-09-21-2009-07-23-2009-07-23

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
282MM
Description

To acquire assets and 2 private companies with interests in SK Bakken oil, gaining 3,675 BOE/d, 12.65 MMBO proved.

Glamis Resources Ltd., Calgary, (Toronto Venture: GLM) plans to acquire assets and two private companies with interests in the southeastern Saskatchewan Bakken oil play for total consideration of approximately C$281.6 million in stock. Glamis will acquire Saskatchewan assets from Bonavista Energy Trust for approximately C$91.3 million cash and 3,947,368 Glamis shares. The effective date is June 1, 2009. Glamis will also acquire Renegade Oil & Gas Ltd. for approximately C$88 million in stock, and Medora Resources Inc. for approximately C$186.8 million in stock. The deal with Medora closed in August. Combined, the acquisitions involve current production of 3,675 barrels of oil equivalent per day (93% oil). Proved plus probable reserves are 12.65 million barrels of oil. Undeveloped land includes 195,000 net acres. Upside includes 187 gross drilling locations (118.7 net). Glamis will assume C$33 million of debt. Net of undeveloped land at an estimated value of C$25.7 million, Glamis estimates it is paying C$69,600 per flowing barrel and C$20.23 per BOE proved plus probable. BMO Capital Markets is financial advisor to Glamis for the Bonavista acquisition, and Macquarie Capital Markets Canada Ltd. and GMP Securities LP are financial advisors to Glamis with respect to the private-company acquisitions. FirstEnergy Capital Corp. and RBC Capital Markets are financial advisors to Medora. Peters & Co. Ltd. is advisor to Renegade. Goldnev Resources Inc., Calgary, (Toronto Venture: GNZ) plans to acquire oil and gas property interests in the Pincher Creek area of Alberta from an undisclosed private Alberta-based company for an undisclosed price. The Pincher Creek assets consists of 9,600 acres (approximately 13 sections) of land 175 kilometers southwest of Calgary with interests ranging from 7.5% to 25% and consist of mostly contiguous land divided into several separate but complimentary oil and gas projects. The deal was expected to close by Aug. 31.