BRIEF-Spartan Energy announces two consolidating Southeast Saskatchewan Light Oil acquisitions

Wed Jun 29, 2016 11:53am EDT
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June 29 (Reuters) - Spartan Energy Corp

* Spartan Energy Corp. announces two consolidating Southeast Saskatchewan light oil acquisitions and bank line redetermination

* Says two separate transactions for a total aggregate purchase price of $71.7 million

* Acquisition will be funded through indebtedness drawn on Spartan's existing credit facilities

* Syndicate of lenders underwriting company's credit facilities have determined to renew Spartan's credit facilities at $150 million

* Corning-Manor acquisition is accretive on key measures, including 9% on forecasted 12 month cash flow, 25% on proved producing reserves

* Next borrowing base redetermination is scheduled for October 31, 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)