Privately held, Calgary-based Spry Energy Ltd. has acquired more than 97% of the shares of privately held, Calgary-based Calgas Exploration Ltd. for C$27.6 million in cash and assumed C$7.5 million in debt in a total deal valued at C$35.1 million.

Spry is offering C$1.34 per Calgas share, and will make a compulsory acquisition of the remaining 3% of shares.

Spry’s assets include more than 30,000 undeveloped net acres in northwestern Alberta and southeastern Saskatchewan . Production is approximately 520 barrels of oil equivalent per day. Proved reserves as of Nov. 22 were 1.7 million barrels equivalent and proved and probable reserves were 2.5 million barrels equivalent.

Pro forma, Spry will have production of 1,950 barrels equivalent per day, 100,000 net undeveloped acres and more than 30 drilling locations in the southeastern Saskatchewan Bakken play.

Scotia Waterous Inc. marketed the assets for Calgas.