Trinity Exploration and Production Ltd. has reached agreement on the terms of a conditional merger with Bayfield Energy Holdings in an all-share transaction. The group will be named Trinity Exploration and Production (New Trinity), according to a news release.

New Trinity, which will continue to be headquartered in San Fernando, will be led by Bruce Dingwall as executive chairman and Joel “Monty” Pemberton as CEO (currently executive chairman and CEO of Trinity, respectively).

The transaction will provide Trinity shareholders with a 55% interest in the enlarged group via the issuance of approximately 256 million new Bayfield shares with the current Bayfield shareholders owning the remaining 45%, the release said.

The transaction constitutes a reverse takeover under the AIM rules and is conditional, inter alia, upon shareholder approval and other third party consents. The formal completion of the takeover is expected to close in about two months, following the required legal process, the release said.