Newspaper article The Canadian Press

Sale of Connacher Oil & Gas to East River Abandoned after Feb. 15 Deadline Passes

Newspaper article The Canadian Press

Sale of Connacher Oil & Gas to East River Abandoned after Feb. 15 Deadline Passes

Article excerpt

Connacher sale to East River abandoned

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CALGARY - Connacher Oil and Gas Ltd. says it has abandoned a court-supervised sale of the company to East River Oil and Gas Ltd. after the buyer failed to make a required deposit payment by Feb. 15.

The Calgary-based oilsands producer had negotiated a conditional deal for East River to pay $113.5 million to acquire Connacher, but East River was unable to obtain necessary regulatory approvals in China by the initial deadline.

Connacher says that the deadlines for East River to complete the purchase were extended to Dec. 15 and then to Jan. 31 and would have been extended further if East River provided an additional $2 million deposit by Feb. 15.

The company says it didn't receive the additional $2 million deposit by Friday and, as a result, East River's original deposit of $13. …

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