whitecap closes acquisition of spry energy

WHITECAP CLOSES ACQUISITION OF SPRY ENERGY

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it successfully closed the previously announced plan of arrangement (the "Arrangement") with Spry Energy Ltd. ("Spry").  Pursuant to the Arrangement, Whitecap acquired all of the issued and outstanding common shares of Spry for $130,898,000 in cash and the issuance of an aggregate of 8,228,023 common shares ("Common Shares") of Whitecap. Whitecap also assumed the debt and working capital of Spry, estimated at $36.0 million as at March 1, 2011.

 

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