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Friday, 21 November, 2008, 21:40 GMT | more >>

Real deal for TriStar



By Upstream staff 

Canadian players TriStar Oil & Gas and Real Resources said today they would merge to create an intermediate oil and gas company worth an estimated C$1 billion (US$920,000).

The new exploration and development company will retain TriStar's name and its chief executive, the two companies said in a statement, Reuters reported. The bulk of the new company's properties will be in southern Alberta and south-eastern Saskatchewan.

Under the deal, which will close in August, TriStar shareholders will get 0.4762 share in the new TriStar company for each old TriStar share they own. Real Resources shareholders will receive one share of the new TriStar's stock for each Real Resources share held.

Both companies' stakeholders are to vote on the deal in July and August.

TriStar and Real Resources said the new entity will have a reserve base of more than 49 million barrels of oil equivalent and a netback production estimated to be more than 15,250 barrels of oil equivalent per day.

TriStar's stock was down 36 Canadian cents at C$5.21 on the Toronto Stock Exchange. Real Resources' shares were off 17 Canadian cents at C$10.69.


Tuesday, 22 May, 2007, 19:21 GMT  | last updated: Tuesday, 22 May, 2007, 19:21 GMT

Teaming up: TriStar Oil & Gas and Real Resources
 

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