Obsidian Energy (OBE) said Wednesday it has received a non-binding offer from a third party to acquire its 32.7% stake in InPlay Oil.
The prospective buyer has proposed acquiring Obsidian Energy's stake, consisting of about 9.1 million InPlay shares, at a price above the July 15 closing price on the Toronto Stock Exchange, the company said.
As part of the nonbinding agreement, Obsidian Energy has agreed to negotiate exclusively with the third party until Aug. 1 and not to pursue with its previously announced $10 million exchange offer to buy its own shares in Canada in exchange for InPlay shares.
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