Scandoil  

Legacy Oil + Gas closes deleveraging light oil corporate acquisition


Published Jun 16, 2014
Legacy Reserves LP

Legacy Oil + Gas Inc. has closed the acquisition of Highrock Energy Ltd. (Highrock) previously announced on May 7, 2014 (the "Acquisition"). Through the Acquisition, Legacy acquired high quality, high netback, light oil assets focused in its southeast Saskatchewan core areas for total consideration of 18.8 million Legacy common shares and assumed estimated net debt of $33.8 million. Highrock's net debt on closing was below 0.8 times estimated annualized funds flow from operations, resulting in a deleveraging of Legacy's balance sheet.

The producing properties are predominately operated with high working interests, 3D seismic coverage and control of key producing infrastructure and are associated with a light oil prospective undeveloped land base. The Acquisition also adds several key sections of land in Legacy's Taylorton/Pinto and Manor core properties and adds land in the emerging Torquay (Three Forks) play at Flat Lake and the emerging Duvernay play in Alberta.

Tags: Legacy Oil + Gas Inc.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml