Pacific Oil & Gas signed a definitive agreement to buy all of the issued and outstanding shares of Canbriam Energy for cash consideration in May 2019. Canbriam's board of directors have provided unanimous approval of the transaction, and shareholders representing 90% of outstanding shares have entered into lock-up agreements in favor of the deal. This includes 100% interests in gas processing and water handling infrastructure in northeast British Columbia. The transaction will be completed by way of an exempt takeover bid with the offer mailed to Canbriam holders before May 21, 2019. The deal is expected to close prior to July 1, 2019.
Macquarie Capital Markets advised Pacific Oil & Gas, and RBC Capital Markets served as an advisor to Canbriam. The deal closed in June 2019.