12/11/2012 - 9:51 AM EST - Spartan Oil : provided an update on the unsolicited offer from a third party, which was announced on Monday. Bonterra Energy has made an offer to acquire all of the issued and outstanding common shares of Spartan Oil, in which the shareholders of Spartan will receive 0.1169 of a common share of Bonterra for each Spartan share held. Based on Bonterra's December 10, 2012 closing price, this equated to $5.35 per Spartan share, a 20% premium to the Pinecrest Energy offer. Bonterra has also proposed to increase its dividend to 28 cents per share from 26 cents per month beginning in March, 2013. Spartan Oil
shares T.STO are trading up $0.08 at $4.82.
