Calgary-based Shiningbank Energy Income Fund (Toronto: SHN.U) plans to acquire Rider Resources Ltd., Calgary, (Toronto: RRZ) in a deal valued at C$496 million in stock and assumed debt. The assets include properties concentrated in the Pembina, Sunchild and Ferrier areas of Alberta, with net undeveloped land of approximately 17,500 acres. The majority of the properties are operated and feature an average 70% working interest. Current production is approximately 8,800 barrels of oil equivalent per day (78% gas) with proved-plus-probable reserves of 24.8 million barrels of oil equivalent (77% gas).
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