CORRECTED-PrairieSky Royalty to buy Range Royalty in C$699 mln deal

Thu Nov 13, 2014 8:00am EST
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(Corrects headline and paragraphs 1 and 3 to show the figures are in Canadian dollars, not U.S. dollars)

Nov 13 (Reuters) - PrairieSky Royalty Ltd, which was spun off from EnCana Corp earlier this year, said it would acquire peer Range Royalty Ltd Partnership in a deal worth C$699 million ($617.9 million).

Both companies own properties in Western Canada and collect royalties from oil companies operating on these properties.

PrairieSky also said it intends to increase its annual dividend to C$1.30 per share from C$1.27 per share, once the deal is completed. ($1 = C$1.1313) (Reporting by Swetha Gopinath in Bangalore; Editing by Savio D'Souza)