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Freehold Royalties Raises Cash for Latest Acquisition
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Freehold Royalties Ltd. has announced that it has entered into definitive agreements with Penn West Petroleum Ltd. to acquire two royalty packages totalling an expected 1,400 barrels of oil equivalent (boe) per day of 2015 average net production with expected annualized operating income of $29 million in 2015 under the pricing assumptions used in the Company's current guidance (US$60 per barrel WTI oil price, Cdn$3.00 per Mcf AECO natural gas price and Cdn$/US$ 0.80 exchange rate), for an aggregate purchase price of $321 million, prior to normal closing adjustments.
The first package is an 8.5% Gross Overriding Royalty (GORR) covering 45,000 acres in Penn West's Dodsland area of Saskatchewan prospective for the Viking formation (Dodsland-Viking GORR).
The second package is existing…
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