Blackbird Energy (TSX-V:BBI, StockForum), a Calgary-based oil and gas exploration firm engaged in the acquisition, development and production of petroleum and gas, announced today that company had obtained an interim order of the Supreme Court of British Columbia regarding the company's plan of arrangement with Pennant Energy (TSX-V:PEN, StockForum).
According to the news release, the companies released a joint news release on February 18, 2014 stating that Blackbird and Pennant had entered into an arrangement agreement where Blackbird would purchase all outstanding shares in Pennant with an exchange of common shares at a rate of one common share in Pennant for 0.42857 of one common share in Blackbird.
The aforementioned arrangement will result in Pennant becoming a wholly-owned subsidiary of Blackbird with Blackbird still trading on at the TSX Venture Exchange under the “BBI” symbol with the consolidated entity carrying on business as an oil and liquids emerging producer.
The transaction is still subject to shareholder approval and TSX Venture Exchange approval and certain other closing conditions that are customary for a transaction of this type.
Pennant will hold a special meeting for shareholders on April 4, 2014 at 10 am in Suite 900 – 885 West Georgia Street, Vancouver where the transaction will be explained and voted on.
Blackbird Energy was in the news recently when the company announced the proposed plan of arrangement in the middle of February.
Currently there 157.6m outstanding shares with a market cap of $17.3 million.