CPPIB-backed TORC closes acquisition of Surge Energy assets
TORC Oil & Gas Ltd has closed its previously announced acquisition of complementary light oil producing assets in Saskatchewan and Manitoba. The transaction, which was valued at about $430 million, saw the company purchase the assets from Surge Energy Inc. Canada Pension Plan Investment Board (CPPIB), a cornerstone investor in TORC, provided $150 million in private funding to help finance the deal. Based in Calgary, TORC is focused on the acquisition, exploration, development and production of crude oil and natural gas in Western Canada.
15 June 2015•9 mins read
