03:42 PM EST - Twin Butte Energy Ltd. : announced that it has entered into a definitive agreement with Can-Able Energy Ltd., a private company, pursuant to which Twin Butte has agreed to make an offer to acquire all of the issued and outstanding common shares of Can-Able. Can-Able's primary assets are based in West Central Alberta at Ansell and Ricinus, and currently produce approximately 250 boe/day consisting primarily of high heat content natural gas and associated natural gas liquids. Pursuant to the proposed transaction, the holders of common shares of Can-Able will be offered 0.58 of a common share of Twin Butte for every common share of Can-Able, for aggregate share consideration of approximately 8,229,968 common shares of Twin Butte. Twin Butte will also assume about $2.1 million of associated debt leading to a total consideration of about $10.3 million. Twin Butte Energy Ltd.
shares T.TBE are trading down $0.07 at $0.91.
