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Workers operate a drilling rig in Petrobank’s Bakken play in Saskatchewan.
Workers operate a drilling rig in Petrobank’s Bakken play in Saskatchewan.
(Gord Pitts/The Globe and Mail)

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An unfettered PetroBakken likely to draw suitors

Investors in Petrobank Energy and Resources Ltd. hit a nice little jackpot with the company’s plan to spin off its 57-per-cent stake in PetroBakken Energy Ltd. to shareholders. But the big lottery win might be still to come: a takeover of PetroBakken.

Petrobank’s shares jumped as much as 10 per cent during Tuesday’s trading session on the news, and justifiably so on the very face of the proposed spinoff.