Alexander Energy Completes Acquisition Of Saskatchewan Assets For $32.5 Million

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$32.5MM
Description

Purchased certain assets in SE Saskatchewan including 350 bbl/d of oil and NGLs.

Alexander Energy Ltd. (TSXV: ALX) announced Feb. 3 that it successfully completed the acquisition of certain assets located in southeast Saskatchewan from Calgary-based Renegade Petroleum Ltd. (TSXV: RPL) for $32.5 million.

The assets represent 350 barrels per day of oil and natural gas liquids. Calgary's Alexander Energy is well-positioned with positive working capital of $61 million and a predominately light oil production base of 950 barresl of oil equivalent per day (BOE/d) coupled with numerous growth opportunities focused across central Alberta and southeast Saskatchewan.

Renegade Petroleum will use proceeds to repay a portion of indebtedness drawn under its credit facility, which will increase financial flexibility and reduce future interest costs.The effective date of the transaction is Dec. 1.