Daylight Resources Trust, Calgary, (Toronto: DAY) plans to acquire Athlone Energy Ltd. (Toronto Venture: ATH) for approximately C$32.8 million including C$2.6 million in debt assumption.
Daylight will pay C$0.85 per Athlone share, representing a 12% premium to the 20 day weighted average for the period ended July 10.
The deal is valued at $50,500 barrels of oil equivalent per day, and $17.90 barrel equivalent proved plus probable, according to Daylight.
Athlone holds assets adjacent to Daylight's Wildmere heavy oil core area. Proved plus probable reserves are 1.9 million barrels of oil equivalent. Production is 650 barrels of oil equivalent per day (95% heavy oil). Upside includes 17 heavy oil development locations identified.
Daylight president and chief executive Anthony Lambert says, “This is another synergistic and strategic acquisition consistent with Daylight's strategy of adding to our core development areas and maintaining a balance in the trust between low-risk oil and natural gas opportunities.”
Jennings Capital Inc. is advisor to Athlone and has provided a fairness opinion.
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