New Company Kelt Exploration Launches Ops
February 27, 2013
Kelt Exploration Ltd. (TO: KEL) commenced operations as a new junior oil and gas exploration and development company.
Kelt was formed as a result of a plan of arrangement involving Celtic Exploration Ltd. (TO: CLT), ExxonMobil Celtic ULC, a wholly owned subsidiary of ExxonMobil Canada Ltd., and Kelt. Pursuant to the arrangement, the purchaser acquired all of Celtic's outstanding common shares and all of the outstanding 5% convertible unsecured subordinated debentures of Celtic due April 30, 2017. The former shareholders of Celtic received, for each Celtic share held, cash consideration ...
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