Crew Energy Inc. has struck a deal to acquire privately owned Caltex Energy Inc. for $622-million in shares and assumed debt.
Under the deal, Crew will issue more than 33.2 million of its shares at a deemed price of $16.30 per share and take on $80-million of Caltex debt.
The transaction is slated to close by July 1.
Crew says the deal provides the company with exposure to significant heavy oil deposits in the Lloydminster area of Saskatchewan and liquids rich natural gas assets in the Wapiti area of Alberta.
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