Whitecap Resources Inc. (TSE:WCP) and Spry Energy Ltd. enters into an arrangement agreement with respect to a combination of the two entities.
Whitecap Resources Inc. (TSX:WCP) and Spry Energy Ltd. enters into an arrangement agreement with respect to a combination of the two entities.
The press release is quoted as saying:
Through the Transaction, Whitecap is acquiring operated, high working interest light oil assets located predominantly in the Pembina area of west central Alberta focused in the Cardium formation, and very complementary to Whitecap’s existing operations in Pembina including an extensive development inventory of 52 gross locations. The Transaction also adds attractive light oil assets in southeast Saskatchewan and a high working interest, operated heavy oil asset at Lloydminster, Alberta. Spry’s current production is approximately 2,600 boe/d (71% oil and NGLs), of which 1,700 boe/d (86% oil and NGLs) is from the Pembina Cardium lands.