Oil and gas company Whitecap Resources Inc said on Monday it will acquire Kicking Horse Oil & Gas Ltd, a privately-held indirect subsidiary of Quantum Energy Partners, for C$300 million ($239.08 million) in a stock-and-cash deal.
Whitecap’s indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and C$56 million in cash, along with the assumption of net debt estimated at C$54 million as of Feb. 28.
The Kicking Horse assets are positioned in the liquids-rich portion of the Alberta Montney. Whitecap says the deal complements its existing Montney position at Karr and has significant offsetting activity.
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