InPlay Oil Corp. acquires Prairie Storm Resources Corp. for $50 million

On November 30, 2021, InPlay Oil Corp completed the acquisition of Prairie Storm Resources Corp. for a transaction value of approximately $50 million by plan of arrangement under section 193 of the Business Corporations Act (Alberta). The acquisition added further scale to InPlay's strategic positioning as a sustainable producer and acreage holder with significant drilling inventory in the light oil window of Central Alberta's Cardium fairway.

In conjunction with the acquisition, InPlay also completed a bought deal equity financing by way of short form prospectus for gross proceeds of $11.5 million.

The acquisition and related matters were overwhelmingly approved by holders of 100 percent of the Prairie Storm Shares voted at a special meeting of such holders held on November 29, 2021. The acquisition was also approved by the Court of Queen's Bench of Alberta on the same date.

Blake, Cassels & Graydon LLP represented Prairie Storm with a team led by Scott Clarke and including Sean Cahill, Matthew Santillo and Kristopher Simard (Securities/M&A); Ky Kvisle and Jack Whelan (Corporate/M&A); Fraser Malcolm and Julie Soloway (Competition); Sean Maxwell (Pensions); and Birch Miller (Employment).

Burnet, Duckworth & Palmer LLP represented InPlay with a team led by Michael Sandrelli and including Paul Mereau, Nigel Behrens, Katy Josephs and Colleen Konkin (Securities/M&A), Kirk Lamb (Tax) and Gina Ross (Employment).



Blake, Cassels & Graydon LLP Burnet, Duckworth & Palmer LLP