Exploration & Production | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Capital Expenditure
Whitecap Makes Cardium Acquisition, Adds to Viking Interest
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Whitecap Resources Inc. is pleased to announce that it has completed the acquisition of a Cardium light oil property and a working interest consolidation of its Eagle Lake Viking unit for total consideration of $90 million.
The Cardium acquisition adds approximately 920 boe/d (70% Oil/NGL's) of high netback, operated production with a base production decline of 22% and includes strategic facilities at Whitecap's existing Ferrier and Garrington areas. The Viking acquisition adds approximately 100 boe/d (95% Oil/NGL's) of high netback production with a low base production decline of 20% in Whitecap's operated Eagle Lake Viking unit, increasing our working interest to 88.1%.
In connection with the Acquisitions, Whitecap also announces a bought deal equity financing of approximately $65…
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