Expert: Steven Taylor - 2/21/2011

Question
I have a stock certificate for this company bought in 1962  I can only find that they were doing exploration in NWT near Slave Lake and had negative results for that submission. I can't find out more - were they bought out? The shares were issued by Crown Trust Company.

Answer
Jennifer, from the information I have available:

The Company had many changes, in both name and capital, including reverse splits of 1 for 2, then 1 for 15, then 3 for 5. It became Discovery West, which in 1997 was taken over by Magin Energy for $2.56 per share in value consisting of a combination of shares and cash. Since you did not participate, it would be all shares at 0.9846 of a share of Magin for each share of Discovery West.

Magin then went on a buying binge and merged with several other oil and gas companies before being bought by NCE Petrofund in 2001. The terms were 0.896 of a unit of NCE or $5.96 cash for each share of Magin.

In 2003 NCE changed its name to Petrofund Energy Trust. In 2006, it merged with Penn West for 0.6 of a unit of Penn West plus $1.10 cash. Penn West currently trades on the TSE and NYSE for about $27.

You need to contact the current transfer agent, CIBC Mellon, in regards to your shares.