2009-10-27-2009-10-15-2009-11-06

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$31.0MM
Description

Bought properties in Eastend area of Saskatchewan, gaining 200 BO/d.

Eagle Rock Exploration Ltd., Calgary, (Toronto Venture: ERX) has closed its acquisition of a portion of the Shaunavon oil production in Saskatchewan held by Bonterra Oil & Gas Ltd., Calgary, (Toronto: BNE) in a deal valued at approximately C$31 million in cash and stock. Eagle Rock paid C$24 million in cash and issue some 30.8 million shares. The deal includes 18.5 sections of land in the Eastend area of southwestern Saskatchewan. Production is approximately 200 barrels of oil per day. The equity portion of the deal represents approximately 4.2% of Eagle Rock's outstanding shares following its financings. Bonterra will use the proceeds to accelerate its horizontal Cardium development program. FirstEnergy Capital Corp. and Peters & Co. Ltd. are financial advisors with National Bank Financial Inc. as strategic advisor to Eagle Rock.