whitecap resources inc. announces cardium light oil acquisition, working interest consolidation of eagle lake viking unit and $65 million financing and provides increased 2013 guidance
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October 28, 2013
WHITECAP RESOURCES INC. ANNOUNCES CARDIUM LIGHT OIL ACQUISITION, WORKING INTEREST CONSOLIDATION OF EAGLE LAKE VIKING UNIT AND $65 MILLION FINANCING AND PROVIDES INCREASED 2013 GUIDANCE
CALGARY, ALBERTA – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to announce that it has completed the acquisition of a Cardium light oil property and a working interest consolidation of its Eagle Lake Viking unit for total consideration of $90 million (the “Acquisitions”). The Cardium acquisition ("Cardium Acquisition") adds approximately 920 boe/d (70% Oil/NGL’s) of high netback, operated production with a base production decline of 22% and includes strategic facilities at Whitecap’s existing Ferrier and Garrington areas. The Viking acquisition ("Viking Acquisition") adds approximately 100 boe/d (95% Oil/NGL’s) of high netback production with a low base production decline of 20% in Whitecap’s operated Eagle Lake Viking unit, increasing our working interest to 88.1%.
In connection with the Acquisitions, Whitecap also announces a bought deal equity financing of approximately $65 million (the “Financing”).
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