Cona Resources to be taken private by Waterous Energy Fund

Calgary crude oil producer Cona Resources Ltd (TSX: CONA) has agreed to a proposal to be taken private by Waterous Energy Fund, the company's majority investor. Waterous, a Canadian energy private equity firm, proposed to acquire the common shares it does not already hold for $2.55 per unit. Cona's board, excluding Adam Waterous, managing partner and CEO of Waterous, approved the proposal but said a definitive agreement must still be reached. Last year, Waterous acquired a 67 percent interest in the company, then known as Northern Blizzard Resources Inc, for $244 million. The sellers were Riverstone Holdings and NGP Energy Capital Management.

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