Twin Butte to buy Black Shire Energy from Lime Rock for $358 mln
Calgary-based Twin Butte Energy Ltd (TSX: TBE) has agreed to acquire oil and gas producing company Black Shire Energy Inc for around $358 million, including $108 million in debt. Black Shire, also of Calgary, is focused on its Provost oil field project in eastern Alberta, and was formed in 2010 with an equity financing from U.S. energy-focused private equity firm Lime Rock Partners. Lime Rock remains the company's principal shareholder, and under the terms of the acquisition agreement will assume a post-closing stake in Twin Butte. The deal is expected to be closed in the coming weeks, and no later than December 18, 2013.
10 October 2013•10 mins read
