A better, more concise press release Bonterra Energy Corp. Announces Expiration of Obsidian Energy Ltd.'s Unsolicited Bid
CALGARY, AB, March 30, 2021 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") acknowledges Obsidian Energy Ltd.'s ("Obsidian") press release, dated March 29, 2021, which confirms that Obsidian has not extended its hostile bid, and therefore the hostile bid expired as of 5:00 p.m. (Mountain Time) on March 29, 2021.
As of the expiry, the hostile bid was unsuccessful and any Bonterra shares that had been tendered will be promptly returned to the respective Bonterra shareholders. The Company appreciates the ongoing support and feedback received from shareholders through the process. With ongoing efforts to generate strong and sustainable free funds flow, meaningful support from recent government programs and a Board refresh underway, Bonterra believes the Company is in a strong position to pursue profitable development of its high-quality, light oil weighted asset base.