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A roundup of some of the North American equities making moves in both directions today
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Whitecap Resources strikes deal to buy Kicking Horse for $300M in cash and shares
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CALGARY – Fast-growing Whitecap Resources Inc. says it has struck a $300-million cash-and-shares deal to buy private rival Kicking Horse Oil & Gas Ltd., an indirect subsidiary of Quantum Energy Partners.
The Calgary-based company says it will issue 34.5 million Whitecap common shares and pay $56 million in cash, while assuming net debt of about $54 million, in the deal expected to close at the end of May.
Kicking Horse currently produces about 8,000 barrels of oil equivalent per day (32 per cent oil and liquids) but Whitecap says it expects to increase and maintain production at about 18,500 boe/d over the next 12 to 15 months by drilling eight to 10 wells per year on the acquired lands.
Whitecap Resources strikes deal to buy Kicking Horse for $300M in cash and shares
by The Canadian Press
Last Updated Apr 5, 2021 at 1:14 pm EDT
CALGARY Fast-growing Whitecap Resources Inc. says it has struck a $300-million cash-and-shares deal to buy private rival Kicking Horse Oil & Gas Ltd., an indirect subsidiary of Quantum Energy Partners.
The Calgary-based company says it will issue 34.5 million Whitecap common shares and pay $56 million in cash, while assuming net debt of about $54 million, in the deal expected to close at the end of May.
Kicking Horse currently produces about 8,000 barrels of oil equivalent per day (32 per cent oil and liquids) but Whitecap says it expects to increase and maintain production at about 18,500 boe/d over the next 12 to 15 months by drilling eight to 10 wells per year on the acquired lands.
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