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Spartan Oil Corp. Announces Terms Of Unsolicited Acquisition Proposal And Determination Of The Board Of Directors

 The Bonterra Offer
 Bonterra Energy Corp. ("Bonterra") has made an offer to acquire all of the issued and outstanding common shares of the Company (the "Bonterra Offer"). Pursuant to the terms of the Bonterra Offer, the shareholders of Spartan will receive 0.1169 of a common share of Bonterra ("Bonterra Share") for each Spartan Share. In addition, subject to the execution of a definitive agreement and completion of the transaction, Bonterra has covenanted to increase its dividend to $0.28 from $0.26 per month commencing March, 2013. Based on a closing price of $42.46 per Bonterra Share on December 10, 2012, the Bonterra Offer represents a deemed price of $4.96 per Spartan Share. Based on a closing price of $1.62 per Pinecrest Share on December 10, 2012, this represents a 12% premium to the implied trading price of the Spartan Shares of $4.44 per share under the Pinecrest Offer. In addition, to the extent that the Bonterra Shares continue to trade at the same effective yield as they are currently trading (7.35%) following the increase in the monthly dividend to $0.28 from $0.26, this represents an incremental $0.39 of value to Spartan shareholders, for a total potential value (based on Bonterra's December 10, 2012 closing price) of $5.35 per Spartan Share. This amount represents a 20% premium over the current implied trading price of the Spartan Shares under the Pinecrest Offer.

Pursuant to the Pinecrest Arrangement Agreement, Spartan has provided Pinecrest with a notice of the Superior Proposal. Under the terms of the Pinecrest Arrangement Agreement, Spartan has agreed to negotiate in good faith with Pinecrest for a period of three business days ending on Thursday, December 13, 2012, to make such adjustments in the terms and conditions of the Pinecrest Offer as would enable Spartan to proceed with the Pinecrest Offer, as amended, rather than the Bonterra Offer. Pinecrest is under no obligation to make any amendments to the current Pinecrest Offer, in which case Spartan intends to accept the Bonterra Offer. Under this scenario, Pinecrest would be entitled to a $12.5 million non-completion fee payable by Spartan.

Eipä ole kovin parempi ehdotus tämä, mutta itse otan kyllä mielummin Bonterran paperia kuin Pinecrestin. Uuden Pinecrestin osingot olisi rahoitettu ensisijassa STO:n tuotannolla ja nimenomaan tuon osingon avulla Pinecrest kuvitteli saavansa tulevaisuudessa rahoitusta paremmilla ehdoilla.
STO:n johto ei ilmeisesti löytänyt riittävän tuottoisaa käyttöä yhtiön kassavirralle, joten he päättivät hypätä pois pelistä hyväksymällä ensimmäisen  vastaan tulleen tarjouksen.

Bonterra tuskin kasvattaa tuotantoaan kovin hurjaa tahtia tulevaisuudessa(ainakin selvästi hitaammin kuinPRY), eikä yhtiön lappuja ole arvostettu halvaksi tässä tarjouksessa, mutta BNE tekee kuitenkin selvää plus-merkkistä tulosta, toisin kuin esim. PWT tai CPG.

Nexstar/Cardium

"Nexstar Energy Announces Sale to Result Energy

Nexstar Energy Ltd. ("Nexstar") (NXE.A) is pleased to announce that it has entered into an Arrangement Agreement (the "Agreement") with Result Energy Inc. ("Result") (RTE) whereby Result will acquire all of the outstanding shares of Nexstar (the "Arrangement"). Pursuant to the Agreement, each Nexstar shareholder will receive 1.05 common shares of Result ("Result Shares") for each Nexstar Class A Share ("Nexstar Share") held. This represents a premium of approximately 30% to the shareholders of Nexstar based on the 5-day weighted average prices of the Result Shares and the Nexstar Shares"

Ostaja on Result Energy, joka on Tristar Oil&Gasin(nykyisin osa Petrobakkenia) entisen johdon uudelleen kapitalisoima yhtiö ja yhtiö ilmeisesti on ottamassa TOG:n nimen takaisin käyttöön. Yhtiö ilmoitti tänään parista muusta cardium ostoksesta.

BNN:llä oli tänäänPembina Cardium spesiaali( 3 eri videota aiheesta), jossa haastattelussa mm. Bonterran COO. Videoissa mainittiin Bonterra, Berens, Midway ja West, ja noiden kurssit saivat mukavan boostin.

Pembina Cardium

O & G Inquirer: Nexstar Comes Up With A Pembina Cardium Tight Oil Play

"Nexstar Energy Ltd. may be tiny, but the micro-junior has triggered a tight oil play in Alberta's Pembina oilfield that has geological parallels with the Bakken success story in southeastern Saskatchewan. "We're focused on oil-bearing portions of the Pembina Cardium [formation] that lacked sufficient permeability to be of much interest when this field was originally developed with vertical wells," says Peter Carwardine, Nexstar's president and CEO. "Our drilling indicates that these prospects can now be profitably exploited through multi-stage fracturing of horizontal wells..."

Aiheesta aiemmin.

Ensimmäisien Cardium-horisontaalikaivojen hinnat ovat kolmen miljoonan tienoilla, jos talteenotto per kaivo ilman lisä-frakkeja on 300 - 400 000 tynnyriä niin tämän pelin tuotto tulee ylittämään Sas.-Bakkenin. Koko resursin koko on paljon pienempi kuin Bakkenin, mutta vaikutus Bonterran tuotantoon voi olla huomattava, kun yhtion keskimääräinen päivä tuotanto on tällä hetkellä n. 5300 boeta. Pembinan öljy on laadultaan hieman heikompaa kuin Bakkenin(35 API vs. 42 API), mutta siirtoinfra on paikalla minkä pitäisi pudottaa kustannuksia. Albertan-provinsin rojalti säännökset taitavat kyllä olla Saskatchewania tiukemmat.
Käytännön data kentältä on vielä todella vähäistä, joten kovin pitkälle meneviä ennustuksia kannata varmaankaan tehdä, mutta kiintoisa rojekti.

Virmat:

Nexstar (TSX: NXE.A ja NXE.B)

Bonterra Oil & Gas (TSX: BNE)

PÄIVITYS 18.08.2009

NAL Oil & Gas Trusti on myös hypännyt mukaan Cardium-horisontaali-frak-peliin ja yhtiön frakit ilmeisesti hoitaa Bakkenissa mainetta niittänyt Packers Plus. NAL ei poraa Cardium-vyöhykettä Pembinassa vaan Garrington ja Pine Dale-kentillä Albertassa. Alla oleva kuva lainattu NAL:n kesäkuisesta presentaatiosta "New Oil in Legacy Cardium Plays"(.pdf). Garrington Cardium-horisontaalin reservi arvio per kaivo on tässä vaiheessa selvästi Pembina-Cardiumia pienempi(175 000 boe vs. 380 000 boe) ja Garringtonin potentiaalia jää pahasti Pembinan-varjoon kun OOIP on vain 140 miljoonaa tynnyriä.

"Alberta oil play could rival Bakken"

Bonterra says techniques hold promise in aging oilfield

"Bonterra Oil and Gas thinks it has a Bakkenstyle oil play here in Alberta -- in one of the province's largest and oldest oil pools, its chief executive said in Calgary on Thursday.

George Fink told his company's annual general meeting that horizontal wells with multistage fractures in the historic Pembina oilfield could rival the more trendy Bakken in Saskatchewan.

"It's still pretty new, but we think we can recover more on a per-well basis than the Bakken," he said."

UPDATE 04/06/2009