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Whitecap Resources to Acquire TORC Oil & Gas

Announced Date
December 09,2020
Deal Value $
430,000,000
Net Acres
96,000
Location Count
690
Transaction Type
Corporate
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play


Production & Reserves
Production
24,955 Boe/d

Production Mix
82 % Oil

Reserves
140 MMboe (2P)


Multiples
Production ($/boe/d)
17,231

$Price/Net Acre
4,479

$2P Boe
3

$/Location
-823,478

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Whitecap Resources has agreed to buy rival TORC Oil & Gas in an all-stock deal valued at about C$552 million (US$430.81 million).

Under the deal terms, shareholders of TORC will receive 0.57 Whitecap shares in exchange for each TORC share, representing a discount of about 4.3% to the last closing price of TORC shares.

Asset Details:

  • Purchase price: $430 million (US)
  • Acreage (not including conventional assets): 150 net sections or 96,000 net acres - includes 50 sections (32,000 acres) in Torquay/Three Forks and 100 sections (64,000 acres) in the Cardium
  • 2P Reserves: 140 MMBOE
  • Net Debt: $365 million
  • Production (3Q'20): 24,995 Boe/d , 82% oil
  • Drilling Locations: 690 (290 in Cardium and 400 in SE Sask Conventional)

Asset Map

 

Canada Deal Activity In Last 12 Months



Other Canada Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-05-2021 - - Click here Alberta  E&P
Mar-17-2021 - - Click here Alberta  E&P
Mar-17-2021 - - Click here Alberta  E&P
Mar-08-2021 - - Click here Alberta  E&P
Mar-08-2021 - - Click here Alberta  E&P

Price History



Date Deal Headline Price$/acre
Sep-01-2020 Whitecap Acquires Nal Resources in All-Stock Deal Worth $155MM - -
Jul-10-2020 Tamarack Bolts On Property in West Central Alberta; 105,000 Net Acres - -
Apr-28-2020 Return Energy Acquires Bulk of Bellatrix's Assets for $109 Million - -

Other TORC Oil & Gas Ltd. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-09-2018 - - Click here   E&P
May-08-2018 - - Click here Saskatchewan  E&P
Nov-27-2017 - - Click here Alberta  E&P
Nov-27-2017 - - Click here Saskatchewan  E&P
Jul-25-2016 - - Click here Saskatchewan  E&P

Other Whitecap Resources Inc. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-05-2021 - - Click here Alberta  E&P
Sep-01-2020 - - Click here Alberta  E&P
Nov-14-2017 - - Click here Saskatchewan  E&P
May-11-2016 - - Click here Saskatchewan  E&P
Mar-18-2015 - - Click here Saskatchewan  E&P