Bonterra in Spartan bid

By Eoin OCinneide

 13 December 2012 23:59 GMT

Canada’s Bonterra Energy has emerged as a challenger to ­Pinecrest Energy in the race to take over compatriot operator Spartan Oil.

However, the proposed deal from Bonterra looks to have a lower value than that offered by Pinecrest in late November.

This week Spartan ­announced that a third party had tabled a counter offer to ­Pinecrest’s C$427 million (US$428 million) for the company.

Bonterra later revealed itself as the new bidder.

Bonterra’s all-shares offer equates to a purchase price of around C$420 million.

Spartan has oil and natural gas plays, particularly light oil plays, in Alberta and Saskatchewan.

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