Torc Oil & Gas Ltd. (Toronto: TOG.TO) has entered into a series of strategic acquisitions in its core areas for an aggregate acquisition price of $65 million. Through five separate transactions, Torc will add approximately 500 boepd (>85% light oil and liquids) in both its west central Alberta Cardium and southeast Saskatchewan core areas. The acquisitions include working interest top-ups in a number of Torc's key producing properties as well as strategic offsetting acreage providing additional high quality development light oil drilling locations. In addition, the acquisitions further expand Torc's footprint in the emerging Torquay/Three Forks light oil play in southeast Saskatchewan adding 15 net sections of land with Torquay/Three Forks potential. Torc attributed $15 million of value to this undeveloped land. Two of the five acquisitions closed in the latter part of the third quarter and three will close in the fourth quarter.
Torc is based in Calgary.
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