ARC's Steelhead Petroleum to buy Toro Oil & Gas for $44.1 mln
Steelhead Petroleum Ltd has agreed to acquire Toro Oil & Gas Ltd (TSX-V: TOO), a Calgary junior energy company focused on opportunities in the Alberta-Saskatchewan Viking light oil fairway. Steelhead will acquire all of Toro's outstanding common shares and purchase warrants for a total purchase price of $44.1 million. Toro senior officers and directors holding about 21 percent of shares have agreed to vote in favour of the deal. It is expected to close in early 2017. Calgary oil and gas company Steelhead was launched last year with initial funding from ARC Financial Corp, a Canadian energy private equity firm.
14 December 2016•5 mins read
