NAL merger into Pengrowth approved

By OGJ editors

Canadian producers Pengrowth Energy Corp. and NAL Energy Corp., both of Calgary, expect to close a business combination on May 31 in which Pengrowth will be the surviving entity. Derek Evans, Pengrowth president and chief executive officer, will retain those positions.

The companies said on May 23 that NAL shareholders had approved the combination, which directors of both firms approved in March.

The combined company will have total production of 100,000 boe/d, including light and heavy oil in Alberta and Saskatchewan, and proved plus probable reserves of 434 million boe.

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