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Bankers Petroleum and Geo-Jade Petroleum complete C$575M 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).