TriStar Oil and Gas is unlikely to attract a second suitor in the wake of a friendly takeover from Petrobank Energy and Resources.
But that doesn't mean merger and acquisition activity is coming to an end in southern Saskatchewan's Bakken oil fields.
The merger of Petrobank's Canadian holdings and TriStar as PetroBakken creates a dominat regional energy player. This deal, approved by both boards, prohibits Tristar from seeking other offers, gives Petrobank the right to match any bid that does come in, and contains an $80-million break fee, payable by the company that walks away. A bidding war seems unlikely.
However, other companies working the Bakken region, which exends into North Dakota and Montana, wake up Wednesday morning to a large and potentially acquisitive neighbour.
Crescent Point Energy Trust is the other significant player in Bakken, and has to looking at its strategtic options in the wake of the PetroBakken transaction. Junior energy plays in the region include Painted Pony Petroleum.
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