BRIEF-Spartan Energy announces strategic Southeast Saskatchewan light oil acquisition

Thu May 19, 2016 8:58am EDT
 
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May 19 (Reuters) - Spartan Energy Corp

* Spartan Energy Corp announces strategic Southeast Saskatchewan light oil acquisition

* Total consideration for acquisition is about $77 million

* Consideration is comprised of issuance of about 11.4 million spartan shares and assumption of about $42 million of net debt

* Acquisition includes approximately 1,330 boe/d of production focused in Alameda and Elcott areas of Southeast Saskatchewan

* Will provide second half capital budget guidance upon completion of acquisition in June

* Additional 2,300 mcf/d of natural gas and 130 bbls/d of natural gas liquids are anticipated to be added in October

* Current commodity price environment will present attractive acquisition opportunities during second half of 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)