Bahamas Petroleum and Columbus Energy reached an agreement to combine operations in an all-share merger in June 2020. Columbus shareholders will receive 0.803 Bahamas share for each Columbus share. The board and management of Bahamas will remain unchanged. The Columbus CEO and CFO will be terminated under short-term consulting agreements. The companies believe that the combined company will have the footprint, technical expertise, and scale to grow and pursue additional opportunities along the Atlantic margin.
Directors for both Bahamas Petroleum and Columbus Energy unanimously recommend shareholders vote in favor of the combination. Shareholders will vote in upcoming meetings, and the deal is expected to close in August 2020.