2009-05-21-2009-04-27-2009-06-07

Bought co. with 75,000 net acres in west-central AB, gaining 6.9 MMBOE 2P, 2,400 BOE/d.

Daylight Resources Trust, Calgary, (Toronto: DAY-UN) has closed its acquisition plans to acquire a privately held Canada-based Intrepid Energy Corp. for C$32 million in cash, C$52 million in units and the assumption of approximately C$25 million in debt in a deal valued at C$109 million. The deal is valued at approximately C$105 per net acre, C$33,700 per flowing barrel of oil equivalent and C$14.64 per barrel of proved and probable reserves, according to Daylight. Intrepid's assets include more than 75,000 net acres in west-central Alberta. Production is approximately 2,400 barrels of oil equivalent per day (90% operated). Proved and probable reserves are 6.9 million barrels of oil equivalent. Daylight now has production of 26,000 barrels equivalent per day and proved and probable reserves of 77 million barrels equivalent. Approximate 1,500 barrels per day of production is in the Obed project, where Daylight is already a working interest partner. The acreage is in close proximity to Daylight's lands at Kaybob. Daylight president and chief executive Anthony Lambert says, "It would be difficult to find a suite of assets that fit better within Daylight's core areas and expertise. These low risk drilling opportunities and stable, low-cost production additions will strengthen the trust's bottom line and expand our already impressive drilling inventory." Daylight funded the acquisition with proceeds from its C$150-million bought-deal offering. Canaccord Capital Corp. was strategic advisor to Daylight.