Pengrowth Energy Corp. agreed on Nov. 1 to be bought out by privately-backed Cona Resources Ltd. after the company struggled for years to regain its footing after the 2014 oil crash and growing volatility in the Canadian energy market.

The transaction, valued at about C$740 million including the assumption of debt, is the “best available alternative” for the Calgary, Alberta-based oil and gas producer, the company’s president and CEO, Pete Sametz, said in a statement.

Following the oil market crash of 2014, Pengrowth took immediate action to shore up the company’s balance sheet by selling assets to pay down C$1.2 billion of debt, according to Ken Johnston, chairman of Pengrowth’s board of directors.

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