Ben

[bryanmcn]

Jan 4, 2010
CALGARY, ALBERTA, Jan 4, 2010 (Marketwire via COMTEX) -- Berens Energy Ltd. ("Berens" or the "Company") (BEN) announces that it has entered into a definitive amalgamation agreement (the "Agreement") with PetroBakken Energy Ltd. ("PetroBakken") and a wholly-owned subsidiary of PetroBakken pursuant to which PetroBakken will indirectly acquire all of the issued and outstanding common shares of Berens (the "Berens Shares") on a fully diluted basis for a cash consideration of $2.70 per Berens Share. The transaction, including indebtedness of approximately $65 million, is valued at $336 million. The transaction will be completed by way of an amalgamation under the Business Corporations Act (Alberta) ("Amalgamation") and is expected to close prior to the end of February, 2010.

Share are up 30% today. I am assuming SSP will sell.

Bryan

[Super Stock Picker]

Yes, acquisition targets are usually sold if there is no bidding war coming.

So, you can indeed expect BEN to be sold at the next portfolio refresh.