A final order of the Court of Queen's Bench of Alberta approved a restructuring plan in which Cona Resources will acquire all outstanding common shares of Pengrowth Energy in December 2019. Shareholder and secured debt holders have approved of the restructuring. Pengrowth expects the transaction to close on or about January 7, 2020. Shareholders will receive CAD 0.05 per share along with any proceeds from ongoing litigation with Grand Valley Resources. The Waterous Energy Fund provided CAD 585 million equity investment to fund the deal. Pengrowth was established in 1988 by James Kinnear. The transaction closed on schedule on January 7, 2020 when Pengrowth ceased trading on the Toronto and OTC exchanges. CIBC World Markets served as financial advisor to Cona with ATB Financial serving as a strategic advisor.