On September 29 2016, Bankers Petroleum Ltd. completed its plan of arrangement with affiliates of Geo-Jade Petroleum Corporation. As a result of the transaction, Geo-Jade acquired all the issued and outstanding common shares of Bankers through its affiliates for approximately $575M. The transaction was effected by way of a plan of arrangement under the Business Corporations Act. Bankers Petroleum will maintain corporate and technical headquarters in Calgary with operational offices in Albania, Hungary and Romania.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves in Albania and Eastern Europe.
Geo-Jade Petroleum is a fast-growing oil and gas exploration and development enterprise based in Beijing.
McCarthy Tétrault LLP advised Bankers Petroleum with a team led by Rick Pawluk and Scott Bergen that included, Nathan Montgomery and Melissa Colborne (corporate finance and M&A); Peter Birkness (banking and financial services); Oliver Borgers and Michele Siu (foreign investment and competition law); Michael Briggs, Timothy Ellam and Sara Albert (litigation); TJ Kang (tax) and Shana Wolch and Justin Turc (benefits and employment law).
Dentons Canada LLP advised Geo-Jade and its affiliates with a team led by Don Leitch and that included Adam Hassan and Andreas Kloppenborg (corporate finance and M&A); Sandy Walker (foreign investment and competition law) and Frank Alexander and Pat Burgess (oil & gas).