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A pump jack draws oil from the ground near a hydraulic fracturing operation near Bowden, Alta., on Feb. 14, 2012. Fracking blasts pressurized water and chemicals into underlying rocks to release trapped natural gas and oil.
A pump jack draws oil from the ground near a hydraulic fracturing operation near Bowden, Alta., on Feb. 14, 2012. Fracking blasts pressurized water and chemicals into underlying rocks to release trapped natural gas and oil.
(JEFF McINTOSH FOR THE GLOBE AND MAIL)

Investors reject Aspenleaf takeover of Arcan Resources

Security holders of Arcan Resources Ltd. have rejected a contentious rescue plan for the company by privately held Aspenleaf Energy Ltd., tossing Arcan into an uncertain future.

Arcan, which is hobbled by heavy debt, had urged its investors to support the transaction that involved Aspenleaf taking over 87.5 per cent of its light oil assets in the Swan Hills area of north-central Alberta. Arcan was to form a new junior oil company with the remaining Swan Hills interests, with Aspenleaf owning 6.7 per cent of it.