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International Petroleum closes BlackPearl Resources acquisition

International Petroleum Corp. said Dec. 14 that it closed the previously announced acquisition of fellow Canada-based producer BlackPearl Resources Inc. in an all-stock deal.

In particular, International Petroleum, or IPC, acquired all of BlackPearl's issued and outstanding common shares on the basis of 0.22 of a common IPC share for each BlackPearl share. The BlackPearl shares are expected to be delisted on the Toronto Stock Exchange on or around Dec. 17.

In addition, IPC announced that BlackPearl's former President and CEO John Festival has joined its board of directors bringing the total number of members to eight.

Former BlackPearl Vice President of Operations Chris Hogue was appointed IPC's senior vice president, Canada, while former BlackPearl Vice President of Exploration Ed Sobel was appointed IPC's vice president, exploration.