Midwestern Oil and Gas to acquire Mart Resources
On March 16, 2015, Mart Resources, Inc. (Mart) announced that it entered into a definitive arrangement agreement with Midwestern Oil and Gas Company Ltd. (Midwestern) pursuant to which a wholly-owned subsidiary of Midwestern would acquire all of the issued and outstanding common shares of Mart by way of a plan of arrangement under the Business Corporations Act (Alberta), including the assumption of all Mart's outstanding bank debt (currently, approximately US$200 million), each Mart shareholder receiving C$0.80 in exchange for each Mart common share held.
The deal was terminated on August 27, 2015, due to prevailing market conditions.
Mart is an international oil and gas company focused on production and development opportunities in the highly prolific Niger Delta region of Nigeria.
Midwestern is the operator of the Umusadege oil field in Nigeria, in alliance with Suntrust Oil Company Nigeria Limited and Mart Energy Services Limited.
Further information can be found on Marketwired's website.