PetroBakken Energy provides an update on the Company’s operations and to announce that it has entered into an amalgamation agreement (the “Agreement”) with Berens Energy Ltd. (“Berens”) and a wholly-owned subsidiary of PetroBakken, pursuant to which PetroBakken will indirectly acquire all of the issued and outstanding shares of Berens for cash consideration of $2.70 per Berens share (the “Transaction”), representing a 34% premium to the weighted average closing price of Berens’ shares on the Toronto Stock Exchange for the twenty trading days ended December 31, 2009.

The Transaction, including Berens’ indebtedness of approximately $65 million, is valued at approximately $336 million.

The Transaction will be completed by way of amalgamation (“Amalgamation”) pursuant to the Business Corporations Act (Alberta) and is expected to close near the end of February 2010.

Tags: PetroBakken Energy