TORC Oil & Gas Ltd. and Vero Energy Inc. announce closing of combination to create a new light oil resource company
Tuesday, Nov 20, 2012
CALGARY, Nov. 19, 2012 /CNW/ - TORC Oil & Gas Ltd. ("TORC") and Vero Energy Inc. ("Vero") (TSX:VRO) are pleased to announce that they have closed the plan of arrangement (the "Arrangement") whereby Vero and TORC have been combined to create a new light oil resource company called TORC Oil & Gas Ltd. ("New TORC"). The combination has resulted in a well positioned light oil producer with a large inventory of Cardium light oil development assets complemented by significant exposure to the emerging Monarch light oil resource play in the southern Alberta Bakken petroleum system.
It is expected that the common shares of New TORC will commence trading in substitution of the common shares of Vero on the TSX under the trading symbol "TOG" within two to three business days following the date hereof. Common shares of Vero will continue to represent common shares of New TORC on a one for one basis without any action on the part of the holder.
The TORC management team is led by Brett Herman as President & Chief Executive Officer, Jason Zabinsky as VP Finance and Chief Financial Officer, Eric Strachan as VP Exploration, Jeremy Wallis as VP Land, Mike Wihak as VP Operations and Filippo Angelini as VP and Controller.
The TORC board of directors is comprised of John Brussa, Raymond Chan
(Chairman), Bruce Chernoff, Brett Herman, Dave Johnson, Dale Shwed, and Hank Swartout. James Pasieka will act as corporate secretary.
SOURCE TORC Oil & Gas Ltd.
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