Vero Energy, TORC Oil team to create new light oil company
Both companies focus on Alberta's light oil plays such as Cardium and Alberta Bakken.
Oil & Gas
CALGARY—Vero Energy Inc. is teaming up with privately held TORC Oil and Gas Ltd. to create a new light oil-focused company.
The combined company, dubbed New TORC, will be led by TORC’s existing management team.
The deal values Veroat about $3 per share, representing a 48% premium to its average trading price over the previous 10 days.
The total transaction price is $177 million, including net debt.
Both companies are focused on Alberta light oil plays such as the Cardium and Alberta Bakken.
©The Canadian Press