2010-05-18-2010-01-28-2010-04-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
438MM
Description

Bought Alberta-focused company, gaining 2.9 MMBOE 2P.

PetroBakken Energy Ltd., Calgary, (Toronto: PBN), a partially owned subsidiary of Petrobank Energy and Resources Ltd., Calgary, (Toronto: PBG) has closed its acquisition of Result Energy Inc., Calgary, (formerly Toronto Venture: RTE) for approximately C$438 million in cash and stock.

The purchase price comprised C$200 million in cash and the issuance of 11.2 million PetroBakken shares.

Result has more than 2.9 million barrels of oil equivalent of proved plus probable reserves on 150 gross (105 net) sections of land in the Cardium resource play in Alberta.

Production in 2009 was more than 750 barrels of oil equivalent per day, with production at closing estimated at more than 1,300 barrels of oil equivalent per day.

Macquarie Capital Markets Canada Ltd. was financial advisor to Result.