July 7, 2017 / 11:20 AM / 8 months ago

BRIEF-Manitok Energy announces strategic combination with Questfire Energy

July 7 (Reuters) - Manitok Energy Inc

* Manitok Energy Inc announces strategic combination with Questfire Energy Corp, to form Canada’s newest intermediate energy producer with greater than 10,000 boe/d of production

* Manitok Energy Inc - aggregate transaction value is approximately $55.4 million

* Manitok Energy Inc - Questfire shareholders will receive, for each Questfire share held, 2.25 Manitok common shares

* Manitok Energy - agreement provides for non-completion fees of $2.0 million in event that deal not completed or terminated by either party

* Manitok Energy says upon completion of acquisition, Manitok and Questfire shareholders will hold approximately 86% and 14% of pro forma shares

* Manitok Energy Inc - in final stages of negotiating a new credit facility with lenders in connection with obtaining a new $132.2 million credit facility

* Manitok Energy Inc - following completion of acquisition, co’s current board of directors and management team will manage pro forma resulting issuer

* Manitok Energy Inc - board of Questfire has approved acquisition

* Says acquisition is expected to decrease combined entity’s corporate cost structure through cost savings Source text for Eikon: Further company coverage:

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