Rubellite Energy completed the merger with Perpetual Energy.

Rubellite Energy, a Clearwater and Mannville Stack heavy oil explorer and producer, completed the merger with Perpetual Energy, a Canadian oil and natural gas exploration, production and marketing company. "The Transaction will provide shareholders of both Rubellite and Perpetual with valuable synergies, both quantitative and qualitative. Shareholders will benefit from owning a larger, financially stronger company with increased free funds flow, enhanced liquidity and a well-defined organic growth profile. The recombined company will continue to execute on the business plan focused on exploration, development and consolidation in the Clearwater and Mannville Stack heavy oil plays where multi-lateral horizontal drilling technology is being applied to unlock significant resource while generating attractive returns for shareholders while the non-operated natural gas asset in the Deep Basin at Edson provides diversification of funds flow and optionality to enhance the execution of the business plan," Sue Riddell Rose, Rubellite and Perpetual President and CEO.