Twin Butte Energy to Acquire Shares of Avalon Exploration Ltd.

NASDAQ reported that Twin Butte Energy Ltd. (TSX:TBE) has planned acquire all class A common shares of Avalon Exploration Ltd.

As quoted in the market news:

Avalon is a private company with 100% of its production being heavy oil from properties located in the greater Lloydminster area. Based on the five day weighted average trading price of the Twin Butte Shares ended June 22, 2012 of $2.29, the exchange ratio for the Acquisition represents a deemed price of $2.52 per Avalon Share.

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