Date closed: 4/22/2015

Value: C$65.2 million

On April 22, 2015, Petra Petroleum Inc. (Petra or the Issuer) acquired all of the outstanding convertible bonds of Mitra Energy Inc.,  other than the bonds already held by the Issuer, in exchange for common shares of the Issuer. As at closing there was a total of C$65,170,789 (US$51,360,072) in outstanding principal and accrued interest on the bonds. In consideration for the purchase of these bonds the Issuer issued a total of 35,808,126 common shares at a deemed price of $1.82 per share. All shares issued in connection with the purchase of the bonds are subject to a hold period expiring on August 22, 2015.

Petra, headquartered in Vancouver, British Columbia, is an oil and gas exploration and development company.

BLG represented Petra with a team led by Melinda Park that included Jonathan Poirier, Perry Feldman and Joëlle Dudelzak.