CPPIB-backed TORC Oil & Gas agrees to buy oil assets for $128 mln
TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire oil assets which are complementary to its existing assets in southeast Saskatchewan. The total consideration is about $128 million, before adjustments, and is payable through the issuance of TORC common shares. The assets have been managed by an unidentified private oil and gas company. TORC said the deal is expected to close this month. Founded in 2010, the Calgary-based TORC is focused on high quality, tight, light oil resource plays. Its leading investor is Canada Pension Plan Investment Board (CPPIB), which provided the company with $170 million in funding in August 2013.
5 February 2015•10 mins read
