CPPIB to invest in TORC's buy of Saskatchewan oil assets

TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire light oil assets complementary to its existing assets in southeast Saskatchewan from an unidentified oil and gas company. The deal, combined with a series of tuck-in acquisitions in the first half of 2016, has a total consideration of $95.5 million. TORC said it will raise up to $111.3 million in financing to help fund the Saskatchewan deal and reduce debt. Its cornerstone investor, Canada Pension Plan Investment Board (CPPIB) has committed to invest about $25 million. CPPIB, which has backed Calgary-based TORC since 2013, also invested in the company's mid-2015 buy of assets from Surge Energy Inc.

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