Riverstone-backed Pipeline Oil to merge with Blackbird Energy
Calgary-based oil and gas companies Blackbird Energy Inc (TSX-V: BBI) and Pipestone Oil Corp have agreed to combine. The deal, which will create Pipestone Energy Corp, will be achieved by a conversion of Blackbird's common shares to shares of Pipestone Energy and consolidated on a 10:1 basis. Expected to close in Q1 2019, the deal includes shareholder commitments and other arrangements for $310 million in equity and debt financings. Pipestone Oil is an affiliate of Canadian Non-Operated Resources LP, which is backed by U.S. energy private equity firm Riverstone Holdings and other investors. Pipestone Energy will be the operator of a Montney asset in Alberta's Pipestone region.
31 October 2018•10 mins read
