Renegade Acquires Assets In Core Area Of Saskatchewan For C$20.5MM

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
CA$20.5MM
Description

Acquired oil assets in SE Saskatchewan, gaining 225 BOE/d.

Renegade Petroleum Ltd., Calgary, (Toronto Venture: RPL) has acquired oil assets in its core area of southeast Saskatchewan for C$20.5 million in cash.

The assets, which Renegade says consolidate its core area of Hastings/Alameda, have proved plus probable reserves of 1.1 million barrels with a reserve life of 13.1 years. The acquisition cost is C$17.53 per barrel of oil equivalent.

Production from the predominantly operated interests is 225 barrels of oil equivalent per day. Land holdings include more than 4,100 net undeveloped acres.

Renegade will have pro forma production of 1,475 barrels of oil equivalent per day, proven plus probable reserves of 4.4 million barrels of oil equivalent (68% proved), approximately 58,578 net acres of undeveloped land and a drilling inventory of 227 gross (152 net) locations.

Closing was expected to take place June 18.

GMP Securities LP is financial advisor to Renegade.