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Whitecap Resources Inc. → TORC Oil & Gas Ltd.- One-Page Deal Sheet

Announced Date
December 09,2020
Close Date
February 24,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
430




Snapshot
Asset/Basin:
["Williston Basin (SE Saskatchewan)", "Western Canadian Sedimentary Basin (Cardium)"]
TargetZones:
["Torquay", "Three F
Net Acres
96,000
% Oil:
85.5 % oil

Proved Reserves
140 MMboe

Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play
Cardium Shale


Production & Reserves
Production
24,955 Boe/d

Production Mix
82 % Oil

Reserves
140 MMboe (2P)


Calculated Metrics( EV/Category)
$/ Flowing
17,231

$/ Acre
4,479

$/Location
623,188

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
Nov-06-2024 - - Click here Alberta  E&P
Aug-22-2022 - - Click here British Columbia  E&P
Aug-01-2022 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   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
Jun-29-2022 - - Click here Alberta  E&P
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