2009-08-06-2008-09-01-2008-09-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$47.2MM
Description

To acquire co.

Arsenal Energy Inc., Calgary, (Toronto: AEI) plans to acquire Geocan Energy Inc., Calgary, (Toronto: GCA) for approximately C$47.2 million in stock and debt. Arsenal will pay C$0.70 per Geocan share in cash or 0.81 share per Geocan share, representing a 29% premium over the five-day weighted average through Aug. 7. Arsenal will assume approximately $8 million in debt. Arsenal values the deal at C$55,412 per flowing barrel based on 850 barrels of oil equivalent per day. Geocan is focused within three core areas in east-central Alberta, west-central Alberta and northeastern British Columbia. Pro forma estimated production will be 2,830 barrels of oil equivalent per day. Proven producing reserves will be 5.3 million barrels equivalent. Tristone Capital Inc. is advisor to Geocan. Emerging Equities Inc. advisor to Arsenal.