International Petroleum Corporation (IPCFF) continued its roll as a consolidator by offering to acquire Granite Oil (GXOCF). Granite Oil was a conservatively run company that managed to stay ahead of the large oil price decline by decreasing operation costs. But the reservoir challenges proved to be more than the company finances could handle. That left management little choice but to find a deep-pocketed suitor in a fairly hostile environment for selling anything related to oil and gas.
The Offer
International Petroleum made a cash offer of a little more than $.70