Canadian Oil Sands Ltd. and 1212707 Alberta Ltd., subsidiaries of Canadian Oil Sands Trust, Calgary, (Toronto: COS.UN), have amended their offer to purchase Canada Southern Petroleum Ltd., Calgary (Toronto: CSW; Nasdaq: CSPLF). The cash offer has been amended so it is conditional upon there being at least 50.01% (as opposed to the previous 66.66%) of the Canada Southern shares deposited by Aug. 18. As of Aug. 1, a total of about 6.5 million shares (about 45% of total outstanding) had been tendered. Canada Southern chairman Richard McGinity says, "We have now seen five press releases from Canadian Superior in the twelve days since they first announced their intention to amend their original offer, but we still don't have an amended offer. Canadian Superior's failure to meet its own deadline further diminishes its credibility as a bidder in this process."
Recommended Reading
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.