Obsidian Energy, a mid-sized Canadian oil and natural gas production company, offered to acquire Bonterra Energy, an oil and gas exploration company, for $246m. “Our Offer is a compelling opportunity for Bonterra shareholders to be part of an efficient, competitive company with a solid future. Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience. We expect this trend to continue and we urge Bonterra shareholders to take advantage of this opportunity. Together, we can make a stronger entity that can make meaningful improvements to cash flow and inroads to lower debt levels, which we believe has a clear path to a higher share price," Stephen Loukas, Obsidian Energy Interim President and CEO. On 25th of January 2020 - Obsidian extended its offer until March 29, 2020.