July 6, 2017 / 10:44 PM / a year ago

CORRECTED-Paramount Resources to buy Apache subsidiary for C$459.5 million

(Corrects deal value in headline and first paragraph)

July 6 (Reuters) - Canadian energy company Paramount Resources Ltd said on Thursday that it would buy subsidiaries of U.S. oil and gas producer Apache Corp for C$459.5 million. ($353.7 million USD)

The company would buy Apache’s subsidiary, Apache Canada Ltd, and fund the deal with cash on hand and no debt.

Paramount said it entered into a merger agreement with petroleum and natural gas company Trilogy Energy Corp, in which the company would buy the remaining 85 percent of the common shares and non-voting shares of Trilogy.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Peter Cooney and Bill Trott

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