BNK Climbs After Inking Exxon Oilfield DealJoe Carroll
BNK Petroleum Inc., the oil explorer whose biggest holder is George Soros, climbed the most in more than three years a day after Exxon Mobil Corp. agreed to buy an Oklahoma oilfield.
BNK increased 43 percent to 80 Canadian cents at the close in Toronto. Earlier, the shares rose 46 percent, the largest intraday advance since May 2009.
Exxon, the world’s biggest energy company by market value, agreed yesterday to acquire most of the Tishomingo Field from Camarillo, California-based BNK for $147.5 million. BNK plans to spend proceeds from the sale on drilling in the U.S. and Europe, and to repay a credit facility, the company said in a statement yesterday.
BNK lost 71 percent of its market value since Soros purchased his initial stake for C$2.54 a share in October 2010.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.