Calima Energy acquires Canada s Blackspur Oil
26 Feb 2021
Calima Energy has entered into a binding agreement to acquire 100% of the issued share capital of
Blackspur Oil, a privately held Canadian company which owns producing oil and natural gas assets in two core areas within Alberta, at Brooks and Thorsby.
Blackspur’s operations include two high quality assets with 2P reserves of 22.5 MMboe, 1P reserves of 16.7 MMboe and PDP reserves of 5.4 MMboe. Q4 2020 production average of 2,600 boe/d (70% oil).
The successful merger with Blackspur will transform Calima to a high margin oil & gas producer leveraged to WTI pricing targeting > 5,500 boe/d by December 2022 plus exposure to rising natural gas prices via its strategic holdings in the Montney Formation. The deal is valued at C$60,000,000 (inclusive of C$43,000,000 in debt) plus working capital adjustments and includes all assets, reserves, production and the management team of Blackspur.