PetroBakken Acquires Rondo

PetroBakken has closed the acquisition of Rondo Petroleum. The acquisition of Rondo was completed by plan of arrangement with the unanimous approval of all of Rondo's shareholders. PetroBakken acquired all of the outstanding shares of Rondo for consideration comprised of $88.7 million cash, the issuance of approximately 5.5 million PetroBakken shares and the assumption of Rondo's debt.