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Spartan Oil Corp Terminates Merger With Pinecrest Energy Inc.


Wednesday, 12 Dec 2012 06:30am EST 

Spartan Oil Corp announced in accordance with the terms of the arrangement agreement dated November 20, 2012 (the "Pinecrest Arrangement Agreement") between Spartan and Pinecrest Energy Inc. ("Pinecrest"), the board of directors of Spartan (the "Spartan Board") determined that the proposed Bonterra Arrangement constituted a "superior proposal", as such term is defined in the Pinecrest Arrangement Agreement and Spartan has provided notice of the proposed Bonterra Arrangement to Pinecrest. Pursuant to the Pinecrest Arrangement Agreement, Pinecrest waived its right to revise its existing merger transaction with Spartan (the "Pinecrest Arrangement") to match the consideration offered under the Bonterra Arrangement. As a result, in accordance with the terms of the Pinecrest Arrangement Agreement, Spartan terminated the Pinecrest Arrangement Agreement and paid to Pinecrest the non-completion fee of $12.5 million. Spartan then entered into the Bonterra Arrangement Agreement. 

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