Canada's Long Run Exploration to buy Crocotta Energy

Thu Jun 12, 2014 4:21pm EDT
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June 12 (Reuters) - Canadian oil and gas producer Long Run Exploration Ltd said it would buy Crocotta Energy Inc for about $357 million.

Under the terms of the deal, Long Run will acquire Crocotta's Edson Cardium and Bluesky assets in Edmonton, Alberta.

The deal also includes the assumption of approximately $115 million in debt.

Long Run shares closed at C$5.63 on the Toronto Stock Exchange on Thursday.

Long Run did not specify whether the deal was in Canadian or U.S. dollars and the company could not be immediately reached for comment. (Reporting By Narottam Medhora in Bangalore; Editing by Simon Jennings)