Seeking Alpha

On October 29, 2012, Petrobank (OTCPK:PBEGF) announced that it would be distributing its 57% interest in subsidiary Petrobakken (PBKEF.PK) to shareholders.

The benefits of putting the Petrobakken shares directly in the hands of shareholders according to Petrobank include:

- Petrobank shareholders will receive direct ownership in the shares of New PetroBakken plus freely tradable shares in New Petrobank which will own the Heavy Oil Business;

- The Reorganization will eliminate the recent negative market valuation of the Heavy Oil Business;

- New Petrobank will have a simplified structure with an anticipated cash balance of over $100 million, sufficient to fund operations for more than two years at current and expected expenditure rates;

- Existing Petrobank...

Only subscribers can access this article, which is part of the PRO research library covering 3,760 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: