Raging River Closes $105 Million Dodsland Viking Acquisition

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
105MM
Description

Purchased operated producing oil and gas assets in its core Dodsland resource light oil play.

Raging River Exploration Inc. (TO: RRX) announced Nov. 21 that it had closed its acquisition of focused, high working interest, operated producing oil and gas assets in southwest Saskatchewan from a senior energy producer for $105 million.

The acquisition adds significant reserves, production and undeveloped land in its core Dodsland resource light oil play.

With the closing of the acquisition, Raging River also entered into a new syndicated credit facility agreement of $225 million comprised of a $20 million operating facility and a $205 million revolving facility.

As of Jan. 1, 2014, proforma the acquisition and the remaining development capital program, net debt is anticipated to be $100 million, representing 0.75 times the estimated annualized fourth quarter 2013 cash flow.

Raging River Exploration Inc. is a junior oil and gas producer currently focused in the Kindersley area of Saskatchewan. The company is based in Calgary.