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Canada s Spartan Delta in Montney acquisitions
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Canada s Whitecap Resources to buy Kicking Horse Oil & Gas for C$300 million
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Canadian oil firm Whitecap Resources has agreed to acquire Kicking Horse Oil & Gas, an indirect subsidiary of Quantum Energy Partners, in a stock-and-cash deal worth C$300m ($239.08m).
The deal consideration includes 34.5 million common shares of Whitecap and $56m ($44.6m) in cash. It also includes the assumption of $54m ($43m) net debt.
With the deal, Whitecap will add Kicking Horse’s assets in the liquids-rich portion of the Alberta Montney to its existing Northern Alberta and British Columbia business unit, while completing the existing Montney position at Karr.
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By Reuters Staff
2 Min Read
(Reuters) - Oil and gas company Whitecap Resources Inc said on Monday it will acquire Kicking Horse Oil & Gas Ltd, a privately-held indirect subsidiary of Quantum Energy Partners, for C$300 million ($239.08 million) in a stock-and-cash deal.
Canada’s oil and gas sector had a record start to 2021 in terms of mergers and acquisitions as companies took advantage of improved expectations of oil prices amid the pandemic recovery, and many industry participants expect the trend to continue.
Whitecap’s indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and C$56 million in cash, along with the assumption of net debt estimated at C$54 million as of Feb. 28.
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