Riverstone-backed Pipeline Oil wraps up merger with Blackbird

Calgary-based oil and gas companies Blackbird Energy Inc (TSX-V: BBI) and Pipestone Oil Corp have completed their merger, creating Pipestone Energy Corp. The deal, announced in October, included $310 million in equity and debt financings. Pipestone Oil was an affiliate of Canadian Non-Operated Resources LP (CNOR), which is backed by U.S. energy private equity firm Riverstone Holdings and other investors. CNOR will own about 54.7 percent of Pipestone Energy shares, with former Blackbird shareholders holding the rest. Pipestone Energy, led by President and CEO Paul Wanklyn, is expected to begin trading this week on the TSX Venture Exchange under the symbol PIPE.

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