Eagle Energy Trust has completed the previously-announced acquisition of a private oil and gas company (Privateco) with petroleum assets in the Twining Field in Alberta (the "Transaction") and has updated its 2015 guidance.
The Transaction was valued at approximately $30 million, including Privateco's indebtedness, and was funded out of Eagle's existing credit facility of $US 85 million. It was completed by the amalgamation of Privateco with a newly incorporated operating subsidiary of the Trust.
As a result of the Transaction, Eagle acquired an 80% working interest in petroleum producing properties in the Twining Field located in one of the largest Pekisko oil pools in the Western Canadian Sedimentary Basin. Eagle anticipates the acquisition to be immediately accretive.