June 2, 2017 / 1:52 PM / 5 months ago

Cardinal Energy shares fall after buying Apache Corp assets

TORONTO, June 2 (Reuters) - Shares in Cardinal Energy Ltd fell 9.0 percent in early trade on Friday after the Canadian oil company agreed to pay C$330 million ($244 million) to buy light oil assets from Apache Corp and updated its production guidance.

The stock fell to C$5.26 after the cash deal that includes the House Mountain assets in Alberta and Apache’s share of the Midale and Weyburn oil assets in southeast Saskatchewan, which together produce 5,000 barrels of oil equivalent per day (boepd). ($1 = 1.3518 Canadian dollars) (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)

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