CALGARY, Alberta, Jan. 04, 2019 (GLOBE NEWSWIRE) — Blackbird Energy Inc. (“ Blackbird ”) (TSX-V: BBI) and Pipestone Oil Corp. (“ Pipestone Oil ”) are pleased to announce that they have closed their previously announced business combination (the “ Transaction ”), which was completed by way of a plan of arrangement (the “ Arrangement ”). Concurrent with the Transaction, Blackbird and Pipestone Oil have closed equity financings totaling $111.0 million with certain existing shareholders and Pipestone Oil has arranged $198.5 million of debt financing (collectively, the “ Financings ”). The closing of the Transaction and Financings results in the strategic combination of two adjacent and contiguous Pipestone Montney land bases under a single well capitalized, high growth company that will operate under the name Pipestone Energy Corp. (“ Pipestone Energy ” or the “ Company ”). Garth Braun, former Chairman, CEO, and President of Blackbird, stated, “We are delighted to complete the merger with Pipestone Oil and wish to thank our shareholders, employees, and stakeholders for their support. We believe this Transaction will deliver significant growth and value creation in a highly challenged time for our domestic energy industry. As a pro forma company, Pipestone Energy will have significant […]
