Key Developments: Birch Lake Energy Inc (BLK.V)

BLK.V on TSX Venture Exchange

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23 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Mooncor Oil And Gas Corp and Birch Lake Energy Inc announce proposed acquisition of Birch Lake by Mooncor
Wednesday, 26 Feb 2014 05:00pm EST 

Mooncor Oil And Gas Corp:Says the company and Birch Lake Energy Inc have entered into a non-binding letter agreement (the LOI) for the arm's length acquisition by Mooncor of 100% of the common shares of Birch Lake Energy Inc.Pursuant to the terms of the LOI, the acquisition is subject to completion of certain conditions.Pursuant to the LOI, Mooncor and Birch Lake have agreed to combine their businesses and the parties anticipate completing the acquisition by means of a triangular amalgamation.Amalgamation will effectively provide for the acquisition of all of the outstanding equity interests of Birch Lake by Mooncor, indirectly through a wholly-owned Alberta incorporated subsidiary of Mooncor.In a transaction in which the shareholders of Birch Lake will receive shares of Mooncor (the Mooncor Shares) and, if applicable, convertible securities of Mooncor.As a result of the Amalgamation of Amalgamation Entity and Birch Lake (the Amalgamated Corporation), Mooncor will become the sole beneficial owner of all of the outstanding shares of Amalgamated Corporation.  Full Article

Sundance Energy Corp Enters Into Joint Venture And Proposed Business Combination With Birch Lake Energy Inc
Monday, 4 Mar 2013 08:00am EST 

Sundance Energy Corp announced that it has entered into a binding letter agreement (the Letter Agreement) with respect to a joint venture and proposed business combination with Birch Lake Energy Inc (Birch Lake) . Pursuant to the Letter Agreement, Birch Lake has granted to Sundance a right to earn up to 50% of Birch Lake's working interest in its Lochend assets, being the non-operated working interest of 38.90% in certain petroleum and natural gas rights underlying 7,840 gross acres in the Lochend-Bearspaw area of Alberta (the Lochend Assets). In order to earn the working interest, Sundance must pay to Birch Lake an aggregate amount of $7,710,000 (the "Total Payment"), with the initial payment of $1,340,000 due by March 29, 2013. The subsequent payments will be paid upon Birch Lake receiving the authorizations for expenditure from the operator of the Lochend Assets, in accordance with the governing CAPL Operating Procedure. Sundance will earn the proportionate interest in the Lochend Assets upon payment of each installment to Birch Lake, such that upon payment of the Total Payment, Sundance will hold 50% of Birch Lake's interest in the Lochend Assets.  Full Article

Birch Lake Energy Inc Announces Closing Of Final Tranche Of Private Placement Financing
Monday, 31 Dec 2012 07:33pm EST 

Birch Lake Energy Inc announced that it has closed the final tranche of its previously announced non-brokered private placement of common shares and flow-through shares for aggregate gross proceeds of $210,499.92, subject to TSX Venture Exchange final approval. Birch Lake issued 1,754,166 flow-through shares at $0.12 per flow-through share. Finders acting in connection with the final tranche of the private placement are entitled to receive aggregate fees of $7,000. The securities issued in connection with the offering will be subject to a four month hold period that expires on May 1, 2013. The net proceeds from the offering will be used to finance the Corporation's continuing capital program and for general working capital purposes.  Full Article

Birch Lake Energy Inc And Veraz Petroleum Ltd. Agrees To Terminate Arrangement Agreement; Closes First Tranche Of Private Placement
Thursday, 20 Dec 2012 03:35pm EST 

Birch Lake Energy Inc and Veraz Petroleum Ltd. announced that the proposed arrangement pursuant to which Birch Lake was to acquire all of the issued and outstanding shares of Veraz did not receive the requisite shareholder approval at the special meeting (the "Special Meeting") of shareholders of Veraz held on December 21, 2012 to consider the arrangement, and as a result Birch Lake and Veraz agreed to terminate the arrangement agreement in respect of the proposed arrangement and will not be proceeding with the arrangement. Birch Lake is proceeding with its previously announced non-brokered private placement of common shares and flow-through shares. Birch Lake completed the first tranche of the private placement for gross proceeds of $526,200, as announced on December 3, 2012 and intends to complete a final tranche on December 31, 2012. For further information on the private placement, please refer to the press releases of Birch Lake dated November 6, November 29 and December 3, 2012.  Full Article

Birch Lake Energy Inc Announces Closing Of First Tranche Of Private Placement Financing
Tuesday, 4 Dec 2012 08:00am EST 

Birch Lake Energy Inc announced that it has closed the first tranche of its previously announced non-brokered private placement of common shares and flow-through shares for aggregate gross proceeds of $526,200, subject to TSX Venture Exchange final approval. Birch Lake issued 600,000 common shares at $0.10 per common share and 3,885,000 flow-through shares at $0.12 per flow-through share. The securities issued in connection with the offering will be subject to a four month hold period that expires on March 31, 2013. The net proceeds from the offering will be used to finance the Corporation's continuing capital program and for general working capital purposes. An additional tranche of the private placement is expected to occur on or about December 20, 2012.  Full Article

Birch Lake Energy Inc Announces Re-Pricing Of Proposed Private Placement Financing
Thursday, 29 Nov 2012 06:25am EST 

Birch Lake Energy Inc announced the re-pricing of private placement of common shares and flow-through shares for gross proceeds of up to $2,000,000, previously announced on November 6, 2012. Pursuant to the re-pricing, the common shares have been priced at $0.10 per share (down from $0.12) and the flow-through shares have been priced at $0.12 per share (down from $0.14). An initial closing of the private placement is expected to occur on or about November 30, 2012.  Full Article

Birch Lake Energy Inc Initiates Two Well Drilling Program At Lochend, AB
Tuesday, 13 Nov 2012 08:00am EST 

Birch Lake Energy Inc announced that the Corporation and its partner, a private Alberta company, have spud the first well in a two program. The wells will both be drilled to a total drill depth of approximately 3400 metres including a horizontal component of approximately 1200 metres, and completed with a multi-stage frac to test the Cardium formation. The corporation has a 40% working interest in both wells, each anticipated to cost between $3.5 and $4.5 million. The cost of the wells will be satisfied through the Corporation's existing cash resources and the cash obtained from the proposed acquisition of Veraz Petroleum Ltd. The wells will be drilled and completed sequentially. The drilling of each well is anticipated to take approximately 20-25 days, with the frac and completion for each well anticipated to take approximately 14 days.  Full Article

Birch Lake Energy Inc and Veraz Petroleum Ltd. Reach Agreement In Principle In Connection With Proposed Business Combination
Tuesday, 6 Nov 2012 03:18pm EST 

Birch Lake Energy Inc (Birch Lake) and Veraz Petroleum Ltd. (Veraz) announced that they have reached an agreement in principle whereby, subject to the execution of definitive documentation and other customary conditions, the Corporation has agreed to acquire all of the currently issued and outstanding common shares of Veraz (the Proposed Acquisition). In connection with the Proposed Acquisition, Birch Lake will issue approximately 6.0 million common shares to the holders of Veraz common shares, on the basis of 0.112100125 of a Birch Lake common share for every one Veraz common share. Upon completion of the Proposed Acquisition, the board and management team of the Corporation will consist of the current directors and officers of the Corporation with the addition of one existing Veraz director, Gerardjan (Oppe) Cosjin. It is anticipated that a second existing Veraz director, Trevor Mitzel, will join the Corporation as an advisor upon completion of the Proposed Transaction, and will be appointed to the Board of Directors of Birch Lake at the Corporation's next Annual General Meeting (subject to shareholder approval.  Full Article

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