logo
Plus   Neg
Share
Email

Tamarack Valley Energy To Buy Anegada Oil For C$494 Mln

Tamarack Valley Energy Ltd. (TVE.V) said that it agreed to buy Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of C$494 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty on the acquired assets.

The total net consideration consists of C$247.5 million in cash and debt and about 105.3 million common shares of Tamarack at a deemed price of C$2.34 per Tamarack Share.

Upon closing of the Acquisition, Tamarack expects to have net debt of about C$525 million and over C$75 million of available liquidity under a C$600 million credit facility, which is anticipated to close concurrent with the Acquisition.

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT