Tusk Energy Corp., Calgary, (Toronto: TSK) plans to acquire Zenas Energy Corp., Calgary, (Toronto: ZNS) for 1.033 Tusk share per Zenas share in a deal valued at approximately C$120.1 million. The deal combines Tusk's Mega, Gutah and Venus prospects and Peace River Arch production in Alberta with Zenas' Elleh resource play in British Columbia and Clair oil assets in Alberta. Zenas' proved reserves are 4.7 million barrels of oil equivalent. Pro forma the acquisition, initial production will be approximately 3,000 barrels equivalent per day (50% oil and gas liquids, 50% gas), and will include 200,000 net undeveloped acres.
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