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ARC Resources Sells Saskatchewan Assets to Spartan Energy
Nov. 18, 2016 08:54AM PST
Oil and Gas InvestingARC Resources (TSX:ARX) announced the sale of all of its Saskatchewan assets and operations to Spartan Energy (TSX:SPE) for a total cash consideration of $700 million. As quoted in the press release: The sale includes approximately 7,500 boe per day of production, as at the third quarter of 2016, with 37,893 Mboe of proved plus …
ARC Resources (TSX:ARX) announced the sale of all of its Saskatchewan assets and operations to Spartan Energy (TSX:SPE) for a total cash consideration of $700 million.
As quoted in the press release:
The sale includes approximately 7,500 boe per day of production, as at the third quarter of 2016, with 37,893 Mboe of proved plus probable reserves at year-end 2015. The transaction is subject to the satisfaction of normal closing conditions, as well as regulatory approvals and customary post-closing adjustments. The transaction is expected to close on or about December 8, 2016, with an effective date of October 1, 2016. RBC Capital Markets is acting as exclusive financial advisor and Burnet, Duckworth & Palmer LLP is acting as legal counsel on the transaction.
Click here for the full press release.