Article Abstract:
Renaissance Energy Ltd. of Calgary, Canada, intends to acquire Calgary-based Pinnacle Resources Ltd. for C$684 million in a stock-swap deal. Renaissance's offer calls for 0.66 of the company's share for every Pinnacle share. Likewise, Renaissance offers to assume Pinnacle's debt worth C$376 million. Renaissance, which posted C$115 million in profit in 1997, is involve in exploring, developing, producing and marketing crude oil and gas. Meanwhile, Pinnacle, which posted C$13 million in profit in 1997, is involved in exploring and developing oil and natural gas prospects, particularly in Saskatchewan and Alberta, Canada.
Comment:
Intends to acquire Calgary-based Pinnacle Resources Ltd for C$684 mil in a stock-swap deal
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
Burlington Resources of Houston, TX, has announced its bid to acquire Poco Petroleum Ltd of Calgary, Albertafor C$2.7 billion in stock. Under the deal, Burlington will pay 0.25 share of its stock for every each Poco share, or an estimated C$16.78 per share on a fully diluted basis. The deal would make Burlington one of the major independent natural gas producer in North America. Burlingto said that Poco, which produces 490 million cubic ft/day of gas and 75,515 barrels a day of oil and liquids, will operate as a standalone unit.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
Calgary, Alb.-based Ranger Oil Ltd. has received a $945 million hostile takeover bid from Petrobank Energy and Resources Ltd. Ranger, which is led by president and chief executve officer Frederick Dyment, has questioned whether Petrobank actually has the necessary funds for the acquisition.
User Contributions:
Comment about this article or add new information about this topic: