Both companies focus on Alberta's light oil plays such as Cardium and Alberta Bakken.
September 14, 2012
by The Canadian Press
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