BRIEF-TORC Oil & Gas Ltd announces Strategic Acquisitions in Southeast Saskatchewan

Mon Jul 25, 2016 5:18pm EDT
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July 25 (Reuters) - TORC Oil & Gas Ltd

* Pro forma acquisitions, TORC anticipates that 2016 budget will result in 2016 exit production of greater than 19,400 boepd

* Completed a series of tuck-in acquisitions in first half of 2016 for cash consideration of approximately $6.0 million

* Further cost savings combined with operational efficiencies are expected to continue during 2016

* Also entered into an agreement with CPPIB for aggregate gross proceeds of $25 million

* TORC Oil & Gas announces strategic acquisitions in Southeast Saskatchewan, bought deal financing, concurrent private placement to cornerstone investor and increase to 2016 production guidance

* TORC Oil & Gas Ltd says total consideration for SE Saskatchewan Acquisition is $89.5 million, payable in cash

* Entered into an agreement for a $75 million bought deal financing through a syndicate of underwriters

* Says underwriters have agreed to purchase for resale to public, on a bought deal basis, 10.6 million shares at $7.05/share   Continued...