PetroBakken Energy Acquires Berens Energy

PetroBakken Energy Ltd. acquired Berens Energy Ltd. on February 25, 2010 for $343 million (including debt). The acquisition was completed pursuant to an amalgamation agreement entered into on January 4, 2010 among Berens, PetroBakken and PetroBakken Acquisition Ltd. (a wholly owned subsidiary of PetroBakken). Pursuant to the amalgamation agreement, each holder of a Berens share received one fully paid and non-assessable class A non-voting redeemable preferred share in the amalgamated company for each Berens share held, and that preferred share was immediately redeemed in exchange for a cash payment of $2.70 per share.

PetroBakken was represented by Andrea Hatzinikolas, PetroBakken Corporate Secretary and by McCarthy Tétrault LLP with a team led by Andrew Grasby, with Adam Sanderman (securities); Robert Nearing (tax); Rick Pawluk and Kara Levis (competition law); Daniel Sears (banking) and Peter Keohane (oil and gas).

Bennett Jones LLP represented Berens Energy Ltd. The lead lawyer on this team was Jon Truswell, with the following team members: Scott Bodie (tax); Beth Riley (competition) and Karen Keck and Matthew Olson (securities).