Barrington fights bid with poison pill

Article Abstract:

Barrington Petroleum Ltd., based in Calgary, Alberta, opposed the hostile bid by rival Sunoma Energy Corp. to buy the company for C$222.3 million in cash by adopting a poison pill or a shareholders rights protection plan. Barrington already informally rejected the Sunoma bid and will use the poison pill to buy more time to find another bidder. The plan is triggered once someone buys 20% of Barrington shares, prompting the company to sell its stock at 50% off to create a higher number of shares and requiring a bidder to buy more shares.

Comment:

Barrington opposes hostile bid by rival Sunoma to buy it for C$222.3 mil in cash by adopting a poison pill

Asset sales & divestitures, Acquisitions & mergers, Alberta, Article, Barrington Petroleum Ltd., Sunoma Energy Corp.

Oil giants team up in huge heavy oil project

Article Abstract:

PanCanadian Petroleum Ltd and Gulf Canada Resources Ltd have formed a partnership for oil production. The Calgary-based partners project their $400 millon venture to help them drive down costs of pumping heavy oil. PanCanadian will have a 52% stake in the project, while Gulf Canada holds the remaining 48%. The venture covers both companies' heavy oil properties along the Alberta-Sasketchewan border.

Strategic alliances, PanCanadian Petroleum Ltd.

Calgary braces for big battle over Big Oil

Article Abstract:

The 16th World Petroleum Congress, which is being held in Calgary, Alberta, is expected to attract protestors who are opposed to the oil industry. The conference, which will draw over 2,200 oil industry representatives, is held every three years.

Government domestic functions, PETROLEUM AND COAL PRODUCTS, Conferences, meetings and seminars, Petroleum industry, Calgary, Alberta, World Petroleum Congress