Bonterra Energy Corp. and Spartan Oil Corp. have completed their previously announced business combination whereby Bonterra has acquired all of the issued and outstanding common shares (the "Spartan Shares") of Spartan by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").

On January 24, 2013, the Arrangement was approved at the special meeting of Spartan shareholders (Spartan Shareholders) by 99.52% of the votes cast by the Spartan shareholders and 99.50% of the votes cast by the Spartan shareholders, after excluding those required to be excluded by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Arrangement was also approved by the Court of Queen's Bench of Alberta on January 24, 2013. In addition, the issuance of the Bonterra Shares pursuant to the Arrangement was approved by 99.88% of the votes cast by the Bonterra shareholders at a special meeting held on January 24, 2013.

Pursuant to the Arrangement, Spartan shareholders received 0.1169 of a Bonterra common share (the "Bonterra Shares") 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.

Tags: Bonterra Energy Corp.