By Tyler Marr
BlackPearl Resources, which manages heavy oil operations in the Onion Lake region, was acquired by International Petroleum Corp. (IPC) in an all-stock transaction.
IPC will acquire all of the shares of BlackPearl based upon a share exchange ratio of 0.22 shares of IPC for each BlackPearl share. Both boards of directors unanimously approved the move.
In a news release, BlackPearl CEO John Festival said the transaction will be “very beneficial” to shareholders.