Crew Energy Inc. Announces Completion of Acquisition of Caltex Energy Inc.

Crew Energy Inc. (TSX:CR) reports the completion of the acquisition of all of the outstanding shares of Caltex Energy Inc.

The press release is quoted as saying,

At closing Crew’s current production is approximately 27,000 boe per day based on field estimates. The Company confirms its previously stated 2011 guidance of 23,000 to 24,000 boe per day and a 2011 exit rate of between 32,500 and 34,500 boe per day. Crew plans to drill a total of 172 wells in 2011 with an exploration and development capital budget of $330 million. The Company estimates net combined debt at closing of the Arrangement of approximately $225 million and is pleased to announce the increase of its bank facility to $400 million.

For the complete press release, click here.