Purchased Western Canadian assets consisting of 37,500 acres of net undeveloped land in south Alberta.
Marquee Energy Ltd. (TSXV: MQL) closed the acquisition of substantially all of the Western Canadian assets of Sonde Resources Corp. for $15 million in cash and common shares, the Calgary-based company announced Dec. 31.
The assets are primarily located in Marquee's core area at Michichi, Alberta immediately offsetting Marquee's lands and production and includes all of Sonde's Southern Alberta properties. Marquee currently has an estimated 2,600 barrels of oil equivalent per day (BOE/d) of production on some 180 net sections in the Michichi area.
The acquisition was completed pursuant to a plan of arrangement under the Business Corporations Act (Alberta). Pursuant to the arrangement, Sonde received 0.34 of a Marquee common share for each Sonde common share outstanding, or in aggregate some 21.2 million Marquee shares, and $15 million in cash. Pursuant to the terms of the arrangement, Sonde has distributed to its shareholders all Marquee shares, and has retained the cash received.