Pacific Oil and Gas Ltd. signs definitive documents for the acquisition of Canbriam

Canbriam Energy Inc. and Pacific Oil and Gas Ltd. (PO&G) has jointly announced the signing of definitive documents for the acquisition by PO&G of all of the issued and outstanding shares of Canbriam for cash consideration.

The transaction includes Canbriam's 100 percent owned and operated natural gas processing plants and water handling infrastructure which is ideally situated in northeast British Columbia to support natural gas export opportunities.

The transaction will be completed by way of an exempt takeover bid, with the offer expected to be mailed to Canbriam securityholders before May 21, 2019. Closing of the transaction is expected to occur prior to July 1, 2019, subject to the satisfaction of customary closing conditions, including approvals required under the Competition Act (Canada). In connection with the transaction and prior to close, Canbriam intends to deliver a redemption notice to the holders of its Senior Notes due 2019 to redeem the notes conditional on the completion of the transaction.

Macquarie Capital Markets Canada Ltd. is acting as exclusive financial advisor to PO&G and Bennett Jones LLP is acting as legal counsel. RBC Capital Markets is acting as financial advisor to Canbriam and Norton Rose Fulbright Canada LLP is acting as legal counsel.