PE-backed Aspenleaf ties up acquisition of Arcan Resources

Aspenleaf Energy Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp and the Ontario Teachers’ Pension Plan, has completed its previously announced acquisition of Arcan Resources Ltd, a Calgary oil and gas company. Aspenleaf paid 11 cents per share in cash for the company, or close to $300 million including debt, according to a Financial Post report. Founded in 2013, Aspenleaf is focused on the acquisition and development of light oil and liquids-rich gas assets in Western Canada. It is led by President and CEO Bryan Gould. ARC Financial recently closed its eighth energy fund, raising $1.5 billion in commitments.

PRESS RELEASE

Aspenleaf Energy Limited Announces Completion of Acquisition of Arcan Resources Ltd.

CALGARY, ALBERTA–(Marketwired – June 8, 2015) – Aspenleaf Energy Limited (“Aspenleaf”) is pleased to announce the completion of the previously announced arrangement (the “Arrangement”), pursuant to which Aspenleaf acquired all of the issued and outstanding common shares of Arcan Resources Ltd. (TSX VENTURE:ARN) (“Arcan”) at a price of $0.11 per share in cash. Pursuant to the Arrangement, Arcan became a wholly-owned subsidiary of Aspenleaf and the two entities subsequently amalgamated, with the continuing corporation named Aspenleaf Energy Limited.

With the completion of the Arrangement, the common shares of Arcan (former symbol: ARN) were delisted from the TSX Venture Exchange at the close of markets on June 8, 2015.

About Aspenleaf Energy Limited
Aspenleaf is a private oil and gas company that is focused on the acquisition and exploitation of light oil and liquids-rich gas assets in Western Canada. Aspenleaf is run by a highly experienced team, with combined industry experience of well over 100 years and headed by President & CEO, Bryan Gould. Aspenleaf is backed by ARC Financial Corp, a Canadian energy-focused private equity manager, and Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan, with more than $140 billion in net assets.

CONTACT INFORMATION
Bryan Gould
Chief Executive Officer
bryan.gould@aspenleafenergy.com

Lee Girardo
Vice President, Corporate Development
lee.girardo@aspenleafenergy.com

Aspenleaf Energy Limited
Suite 2150, 500 – 4th Ave SW
Calgary, AB T2P 2V6
Telephone (587) 390-6444

Photo courtesy of Shutterstock