Shareholders okay Petrobank, PetroBakken split

Shareholders of Petrobank Energy & Resources Ltd. and its 56%-owned subsidiary PetroBakken Energy Ltd., both of Calgary, have approved a reorganization in which the companies will emerge as separate entities (OGJ Online, Oct. 30, 2012).

PetroBakken is currently the second largest landowner in Saskatchewan’s Bakken play. After a complex exchange of stock shares, a new company called New Petrobank will own and operate Petrobank’s heavy oil business.

The companies expected prompt government approvals and an effective date of Dec. 31 for the transaction.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...