HALIFAX, N.S. — A recent transaction by Clarke has made the Eastern-based transportation company the largest shareholder of Midlake Oil and Gas.
Clarke acquired $14,100,000 of convertible preferred shares of Midlake bringing its total holdings in Midlake to approximately 44% of the total companys outstanding shares.
This recent financing, of which Clarke was the lead investor, was principally completed to fund a joint venture project with EnCana.
Midlake, located in Calgary, was founded in March 2006 to focus on the strategic acquisition and subsequent development and/or enhancement of lower risk resource properties with proven oil and gas reserves. In November 2006, Midlake executed a farm-out participation and joint venture agreement with EnCana to earn up to a 50% interest in 66,560 gross acres of more or less contiguous petroleum and natural gas rights located in southern Alberta. Midlake and EnCana have co-developed a significant drilling program to develop natural gas production up to 1,600 wells over the next five years.
Clarke has proposed two representatives to be added to the Midlake Board of Directors: Melinda Lee, vice-president, investments of Clarke; and Bob Roth, president of Arkoma, a private Dallas-based oil and gas company with operations primarily in Canada.
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