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Long Run closes previously announced acquisition of strategic long life assets


Published Jun 3, 2014
Long Run Exploration Ltd.-2

Long Run Exploration Ltd. announce the closing of the previously announced acquisition (the "Acquisition") of certain strategic oil and liquids-rich natural gas assets focused on the Cardium in the Deep Basin and Pine Creek areas of Alberta.

Total consideration, after closing adjustments, was approximately $225 million, with a closing date of May 30, 2014 and an effective date of April 1, 2014. The Acquisition was funded from the Company's $120 million bought deal equity financing (the "Offering"), the disposition of 400 BOE/d of heavy oil from the Company's Lloydminster property and the Company's credit facilities.

Tags: Long Run Exploration Ltd.




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