Twin Butte acquiring oil producer Waseca for $127M
Increases the Calgary energy company’s assets in the Lloydminster area.
CALGARY — Twin Butte Energy Ltd. is acquiring heavy oil producer Waseca Energy Inc. from Toronto-based Sprott Resource Corp. for $127 million.
The Calgary-based intermediate producer said Waseca’s asset base is focussed in the greater Lloydminster, Alta. area with 100% of its production consisting of heavy oil.
Sprott Resource had a 81.1% stake in Waseca.
Combining Waseca’s production of 3,500 bbls per day with Twin Butte’s brings the total to 19,100 boe/d of which 89% is oil and liquids.
Undeveloped lands of more than 46,000 net acres brings Twin Butte’s to approximately 220,000 acres.