Spartan Exploration will be sold to an undisclosed buyer for about $238 million in a cash and stock deal, Reuters reports. As part of the deal, a new company, ExploreCo, will be formed, consisting of one third of Spartan’s assets. Shareholders of Spartan will receive about $5.7 a share, which includes $1.55 per share in the new company. CIBC World Markets was appointed as financial adviser to Spartan. Spartan has also acquired assets worth about $37.9 million in the Cardium play in Pembina.

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