CALGARY, Alberta – Return Energy Inc. d.b.a. Spartan Delta Corp. (“Spartan” or the “Company“) (RTN: TSXV) is pleased to announce that its previously announced acquisition (the “Acquisition“) of substantially all of the assets of Bellatrix Exploration Ltd. (“Bellatrix“) has been approved by the Court of Queen’s Bench of Alberta (the “CCAA Court“) under the Companies’ Creditors Arrangement Act (Canada).
The CCAA Court has granted Bellatrix an Approval and Vesting Order (the “Approval Order“) in connection with the Acquisition. The Approval Order provides that the assets acquired pursuant to the Acquisition (the “Assets“) will be acquired free and clear of any security interests and any other encumbrances (subject to certain limited permitted encumbrances). Closing of the Acquisition is expected to occur on or about May 29, 2020.
The Assets, located in west-central Alberta, include high-quality, multi-zone, oil and gas operated production alongside a large land base and strategic infrastructure footprint. The Acquisition advances Spartan’s strategy to acquire and develop underexploited and undercapitalized assets that provide material upside and sustainable free cash flow under current commodities prices.
Return Energy Inc. d.b.a. Spartan Delta Corp. is a Calgary, Alberta based company engaged in oil and gas exploration and development. The common shares of Spartan are currently listed on the TSX Venture Exchange (the “TSXV“) under the trading symbol “RTN”.