2011-05-12-2011-04-20-2011-04-20

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
223MM
Description

Bought company with 161,171 gross acres in AB, SK & MB, gaining 1,966 BOE/d, 4.17 MMBOE proved.

Whitecap Resources Inc., Calgary, (Toronto: WCP) has acquired privately held, Calgary-based Spry Energy Ltd. for approximately C$223 million in cash, stock and debt.

Whitecap paid C$130.9 million in cash, issued 8.2 million shares and assumed an estimated C$36 million in debt and working capital.

Spry has oil and gas prospects covering 161,171 gross acres (106,279 net) in the Western Canadian Sedimentary Basin with core areas at Pembina in eastern Alberta and Lloydminster and southeastern Saskatchewan. The company also has some properties in Manitoba.

Average production as of June 30, 2010, was 1,966 barrels of oil equivalent per day (58% oil and gas liquids). Proved reserves as of June 30, 2010 were 4.17 million barrels equivalent and proved and probable reserves were 8 million barrels equivalent.

Whitecap partially funded the deal through a C$136-million bought-deal financing of subscription receipts.