Twin Butte closes buy of PE-backed Black Shire Energy for $358 mln

Calgary-based Twin Butte Energy Ltd (TSX: TBE) has closed its previously announced acquisition of oil and gas producing company Black Shire Energy Inc for $358 million, which includes the assumption of $108 million in debt. Calgary's Black Shire, which is focused on its Provost oil field project in eastern Alberta, was formed in 2010 with the backing of U.S. energy-focused private equity firm Lime Rock Partners. With the closing of the transaction, Lime Rock holds a minority investment stake in Twin Butte.

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