Steelhead Petroleum and Toro Oil & Gas complete arrangement

On February 1, 2017, Steelhead Petroleum Ltd. (Steelhead) and Toro Oil & Gas Ltd. (Toro) announced the completion of Steelhead's acquisition, through its wholly owned subsidiary, Steelhead Acquisition Company Ltd., of all of the outstanding common shares and warrants of Toro for C$0.37 per share in cash and the common share purchase warrants of Toro for C$0.0001 per warrant in cash.

The transaction was completed by way of a plan arrangement under the Business Corporations Act (Alberta). Further details regarding the arrangement were set out in Toro's information circular dated January 4, 2017.

Toro is a junior oil and gas energy company focused on acquiring, developing and exploiting large oil in place pools within the Alberta-Saskatchewan Viking light oil fairway.

Steelhead is a private ARC Financial Corp. sponsored company, focused on acquiring conventional oil weighted assets in the Western Canadian Sedimentary Basin.

Further information can be found on Canada Newswire's website.