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Whitecap Resources buys Albertan light oil assets for $266.7 mn

CALGARY, Alberta -- Whitecap Resources Inc (Whitecap) reported that we have successfully entered into agreements to acquire and consolidate a controlling interest in a premier conventional Nisku light sweet oil pool at Elnora, Alberta located just 50 miles east of our Garrington core area for total cash consideration of approximately $266.7 million (the Acquisition). The Acquisition adds 2,500 boe/d (90% oil and NGLs) of high netback production of which 2,000 boe/d (96% oil and NGLs) is associated with the Elnora Nisku light oil pool. The Acquisition also includes strategic facilities consisting of two oil batteries, water disposal infrastructure and pipelines which will be important for future low cost production growth.

Whitecap also stated that it has entered into an unrelated letter of intent with a private oil and gas company to dispose of approximately 600 boe/d of non-core production for proceeds of $57 million (the Disposition).

The Acquisition will be funded with a concurrent $125 million bought deal equity financing (the Financing), proceeds from the Disposition and bank debt.

08/21/2014

 

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