Whitecap Resources Inc. closed its acquisition of premium oil assets in southwest Saskatchewan for cash consideration of CA$595 million, the company said June 23.

Whitecap announced the acquisition on May 10, and said it is highly accretive to operations and finances. The area’s shallow-decline assets provide additional production stability, the company said.

The acquisition was partially funded through a bought deal public financing that closed on May 30 with gross proceeds of about CA$470 million after 51,087,000 subscription receipts were offered at CA$9.20 each. The receipts were exchanged for one common share on June 23, and the proceeds were released from escrow, Whitecap said.

With the acquisition’s closing, Whitecap’s borrowing base has a lending value of about CA$1.3 billion. The credit facility will be maintained at CA$1.1 billion. The estimated year-end net debt is CA$830 million.

The Calgary, Alberta-based company is on track to meet its 2016 annual production guidance of 45,300 barrels of oil equivalent per day-- 78% oil and NGL--which generate CA$368 million of funds flow.