Lone Pine Resources Canada Ltd. and Arsenal Energy Inc. said Sept. 8 that security holders from both companies approved the companies’ merger, which will take place through a plan of arrangement, at special meetings.
Lone Pine and Arsenal will combine under a new parent company, Prairie Provident Resources Inc. When the merger is complete, shareholders from both companies will receive common shares of Prairie Provident in substitution for their existing shares, with Prairie Provident in turn holding the combined undertakings of Lone Pine and Arsenal.
At closing, Prairie Provident will have a fully-diluted share count of 100 million common shares, of which 77 million will be issued or issuable to former Lone Pine stakeholders. The remaining 23 million shares will be issued to former Arsenal shareholders.
Completion of the arrangement remains subject to certain conditions, including the approval of the Court of Queen's Bench of Alberta. Lone Pine and Arsenal will apply for a final order of the court approving the arrangement at a hearing scheduled for Sept. 9.
The arrangement is expected to close Sept. 12.
Recommended Reading
Exxon’s Guyana Gas Project a “Win-Win,” Set for Hook-up by Year-end ‘24
2024-04-26 - Exxon Mobil Corp. CEO Darren Woods said the company’s gas-to-power project in Guyana as a “win-win proposition particularly for the people of Guyana” when completed and hooked-up by year-end 2024.
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.