CPPIB-backed TORC Oil & Gas to buy Surge Energy assets for $430 mln: Reuters

Canadian intermediate producer TORC Oil & Gas Ltd is buying light oil assets from Surge Energy Inc in the Canadian Bakken region of southeast Saskatchewan and Manitoba for $430 million, Reuters reported. To help fund the deal, the Canadian Pension Plan Investment Board, already a TORC investor, will invest up to $150 million through a private placement of subscription receipts.

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