Bonterra Energy Corp. (Toronto: BNE.TO) and Spartan Oil Corp. (Toronto: STO.TO) have completed their business combination, Bonterra announced.

According to the release, Bonterra has acquired all of the issued and outstanding common shares of Spartan by way of a plan of arrangement under the Business Corporations Act (Alberta).

The total transaction value for Bonterra to acquire the Spartan shares, including C $8 million of positive working capital and no debt, is C $480 million, according to the release.

Headquartered in Calgary, Bonterra is a conventional oil and gas corporation with major operations in Alberta and minor holdings in Saskatchewan and British Columbia.