2010-03-10-2010-01-04-2010-02-25

Purchased company with Alberta assets, gaining 3,650 BOE/d.

PetroBakken Energy Ltd., Calgary, (Toronto: PBN) has closed its acquisition of Berens Energy Ltd., Calgary, (Toronto: BEN) in a deal worth C$343 million.

PetroBakken paid C$2.70 per share of Berens and has assumed the company's debt of approximately C$72 million.

The acquisition includes than 11 million barrels of oil equivalent of proved plus probable reserves, with a reserve-life index of more than eight years. Estimated production is 3,650 barrels of oil equivalent per day (78% gas), predominantly from the Notikewin formation in the West Pembina area of central Alberta. Holdings include 40 net sections of Cardium-prospective land.

PetroBakken president and chief operating officer Gregg Smith says, "This acquisition provides the opportunity for PetroBakken to diversify our asset base while enabling our technical teams to apply our leading-edge technical knowledge and capacity to execute extensive horizontal drilling campaigns in another major light oil resource play. In addition, the current temporary royalty and drilling incentives in Alberta provide an economic incentive that makes the Cardium play an attractive investment at this time."

PetroBakken funded the acquisition through existing credit facilities.

TD Securities Inc. was financial advisor to PetroBakken.