Pengrowth Energy to be sole to Cona Resources for 5¢ a share

Canadian oil and gas writer Pengrowth Energy Corp (PGF.TO) pronounced Friday it has concluded to be acquired by secretly hold oil association Cona Resources in a understanding valued during $740 million.

Cona Resources, that is a portfolio association of Waterous Energy Fund, will compensate five cents per share and a intensity fortuitous value remuneration for any Pengrowth share.

Pengrowth, formed in Calgary, says a oil cost decline, miss of entrance to collateral and what it calls “an capricious domestic and regulatory environment” has prevented a association from anticipating a resolution to its funding challenges.

“Despite a discount this transaction represents to Pengrowth’s new trade price, we strongly suggest a stakeholders support a arrangement agreement as it represents a many appealing choice for all stakeholders given a stream sourroundings where there is radically no entrance to collateral for a association or participants in a Canadian oil and gas industry, in general,” pronounced Pete Sametz, boss and CEO of Pengrowth, in a news release.

This follows news of Encana announcing it’s relocating a domicile from Calgary to a United States, citing improved entrance to collateral south of a border.

Article source: https://www.cbc.ca/news/canada/calgary/pengrowth-energy-cona-resources-oil-price-1.5344256?cmp=rss