Petro Rubiales and Pacific Stratus Amend Share Exchange Ratio
Petro Rubiales Energy Corp. and Pacific Stratus Energy Ltd. have agreed to amend the terms of the proposed business combination of the two companies which was originally announced on November 12, 2007. Under the revised terms, shareholders of Pacific Stratus will receive 9.5 shares of Petro Rubiales for each share of Pacific Stratus held, with warrants and options of Pacific Stratus treated on a proportionate basis. The terms originally announced contemplated an exchange ratio of 8.85 shares of Petro Rubiales for each share of Pacific Stratus. The transaction will remain the same in all other respects.
Approval of the arrangement requires the concurrence of 66-2/3% of Pacific Stratus shares voted at the meeting of securityholders scheduled for 10:00 a.m. on January 17, 2008 in Toronto. Approval also requires the further concurrence of 66-2/3% of Pacific Stratus shares, warrants and options in the aggregate that are voted at the meeting. The arrangement also requires a Final Order of the Supreme Court of British Columbia, which will be applied for immediately following the meeting provided that the requisite securityholder and stock exchange approvals have been obtained. Subject to receipt of the necessary approvals, it is anticipated that the arrangement will be completed on or about the originally scheduled closing date of January 23, 2008. Upon completion of the arrangement, Pacific Stratus will become a wholly-owned subsidiary of Petro Rubiales and the combined entity will be renamed "Pacific Rubiales Energy Corp."
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call