Bankers Petroleum and Geo-Jade Petroleum complete C$575 million plan of arrangement

Date Closed

September 29, 2016

Lead Office



575.00 Million CAD

On September 29 2016, Bankers Petroleum Ltd. completed its plan of arrangement with affiliates of Geo-Jade Petroleum Corporation. As a result of the transaction, Geo-Jade acquired all the issued and outstanding common shares of Bankers through its affiliates for approximately C$575 million. The transaction was effected by way of a plan of arrangement under the Business Corporations Act. Bankers Petroleum will maintain corporate and technical headquarters in Calgary with operational offices in Albania, Hungary and Romania.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves in Albania and Eastern Europe.

Geo-Jade Petroleum is a fast-growing oil and gas exploration and development enterprise based in Beijing, PRC.

McCarthy Tétrault LLP advised Bankers Petroleum with a team led by Rick Pawluk and Scott Bergen that included, Nathan Montgomery (Corporate Finance and M&A); Peter Birkness (Banking and Financial Services); Oliver Borgers and Michele Siu (Foreign Investment and Competition); Michael Briggs, Timothy Ellam and Sara Albert (Litigation); TJ Kang (Tax); Shana Wolch and Justin Turc (Benefits and Employment).