Mapan Energy

Mapan Energy Ltd. is an oil and gas company that was incorporated in Alberta in early 2014. The Company was founded by Dr. Richard A. Walls for the purpose of acquiring, exploiting, and exploring for oil and gas in Western Canada. The Company's senior management team of Mike Boyd (COO), Jennifer Dugdale (CFO) and Ron Kisic (General Counsel) along w... ith Dr. Walls have 102 years combined experience in the energy industry. This senior management team is currently supported by a staff of additional technical, financial and administrative professionals. Mapan's original acquisition was certain oil and gas properties and infrastructure located in the Deep Basin of West Central Alberta and Northeastern British Columbia for a purchase price of $132.5 million ($121.7 million after customary closing adjustments) (the "Asset Acquisition"). A portion of the purchase price was financed with the net proceeds from a "bought deal" private placement of 63,300,000 subscription receipts at a price of $2.00 per subscription receipt conducted by a syndicate of underwriters led by FirstEnergy Capital Corp. and GMP Securities L.P. for aggregate gross proceeds of $126.6 million(the "Private Placement"). Each subscription receipt was exchanged for one Mapan Share in connection with completion of the Asset Acquisition. The remainder of the Asset Acquisition purchase price was funded by cash on hand and a $55 million credit facility provided to Mapan by its bank. Concurrent with the private placement and closing of the asset acquisition, Mapan merged with Paris Energy Inc. ("PI" on the "TSXV") by way of a Plan of Arrangement on July 31, 2014. The Paris shares are listed and traded under the symbol PI on the TSX venture Exchange (the "TSXV"). The Management and Board of Mapan became the new Management and Board of Paris. On September 8, 2014 shareholder approval was obtained for a name change to Mapan Energy Ltd. as well as share consolidation of the Paris Shares on a 1 for 12 basis. Post- consolidation, Mapan has 71.4 million shares ...Read More