CALGARY, Feb. 1, 2017 /CNW/ – Steelhead Petroleum Ltd. (Steelhead) and Toro Oil & Gas Ltd. (Toro) announced today the completion of Steelhead’s acquisition, through its wholly owned subsidiary, Steelhead Acquisition Company Ltd., of all of the outstanding common shares (the Toro Common Shares) and warrants (the Toro Warrants) of Toro pursuant to an arrangement under the Business Corporations Act (Alberta) (the Arrangement). Over 99% of the votes of the holders Toro Common Shares and Toro Warrants, voting together as a single class, were in favour of the Arrangement.
It is expected that the Toro Common Shares and the Toro Warrants will be delisted from the TSX Venture Exchange effective at the close of business on February 2, 2017.
Further details regarding the Arrangement are set out in Toro’s information circular dated January 4, 2017, sent to its securityholders in connection with the Arrangement, which is available under Toro’s profile on SEDAR at www.sedar.com.
About Steelhead Petroleum Ltd.
Established in October 2015, Steelhead has been focused on acquiring conventional oil weighted assets in the Western Canadian Sedimentary Basin. The team is focused on best in class operating practices, achieving strong financial results, and environmental leadership. The team has significant industry expertise and is led by Bruce Beveridge, President and CEO, who has over 30 years of industry experience including senior leadership positions at Barrick Energy, Bankers Petroleum, Apache Canada and Shell Canada. For more information about Steelhead visit the website at www.steelheadpetroleum.com.