TriOil Purchased By ORLEN Upstream For $183 Million

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$183.7MM
Description

Acquired all of the shares of the Calgary-based independent energy company with operations in Canada.

TriOil Resources Ltd. (TSXV: TOL) was acquired by a wholly owned subsidiary registered in the Netherlands of ORLEN Upstream sp. z o.o. for C $183.7 million in cash, the company announced Nov. 13.

The plan of arrangement included the purchase by ORLEN Upstream International B.V. of all the issued and outstanding class A common shares of TriOil at C $2.85 per share. With the completion of the arrangement, the common shares will be delisted from the TSX Venture Exchange.

In connection with the completion of the arrangement the following changes were made to the current management positions of the company:

  • Russell Tripp retired from his position as president and CEO and was appointed as chairman of the board;
  • Andrew Wiacek, formerly the vice president of exploration, was appointed as president of TriOil;
  • Shaun Wyzykoski, formerly the vice president of engineering, was appointed as the chief operating officer;
  • Keith Mychaluk, formerly the exploration manager, was appointed as vice president of exploration; and
  • Bruce Cawston, formerly the engineering manager, was appointed as vice president of engineering.
  • Cheryne Lowe continues as vice president of finance and chief financial officer and Craig Haavardsrud continues as vice president of business development and land. In addition, Wieslaw Prugar, the president of ORLEN Upstream, was appointed as CEO and a director of TriOil and Bohdan Bartoszewicz, the chief financial officer of ORLEN Upstream, was appointed as senior vice president of finance.

ORLEN Upstream is a wholly owned subsidiary of PKN ORLEN S.A., one of the largest petroleum and petrochemical corporations in central and eastern Europe and the largest in Poland. ORLEN Upstream was established to implement PKN ORLEN's strategy regarding E&P of hydrocarbons. ORLEN Upstream also holds licences for onshore oil and gas exploration throughout Poland and interests in an offshore licenses at the Latvian shelf of the Balitic Sea.

TriOil Resources Ltd. is an independent energy company engaged in the exploration, development, and production of petroleum and natural gas properties in Canada. The company is headquartered in Calgary.