Bonterra Energy Corp And Spartan Oil Corp. Completes Business Combination

Bonterra Energy Corp and Spartan Oil Corp. announced that they have completed their previously announced business combination whereby Bonterra has acquired all of the issued and outstanding common shares of Spartan by way of a plan of arrangement under the Business Corporations Act (Alberta) (the Arrangement). Pursuant to the Arrangement, Spartan shareholders received 0.1169 of a Bonterra common share for each Spartan Share held, resulting in the issuance of approximately 10.7 million Bonterra Shares. As a result of the Arrangement, Spartan became a wholly owned subsidiary of Bonterra. Each of the former officers and Directors of Spartan has resigned and was replaced by a Bonterra nominee. The total transaction value for Bonterra to acquire the Spartan Shares, including $8 million of positive working capital and no debt, is approximately $480 million (Bonterra Share price of $45.50). It is anticipated that Spartan Shares will be de-listed from the Toronto Stock Exchange within three business days.