CPPIB completes $150 mln investment in TORC’s buy of light oil assets

Canadian oil and gas company TORC Oil & Gas Ltd (TSX: TOG) has closed its previously announced financing transactions, which raised about $438 million in total. The funding, which will support the company's acquisition of light oil assets in Saskatchewan and Manitoba from Surge Energy Inc, included an investment by the Canada Pension Plan Investment Board (CPPIB) of about $150 million. The acquisition is expected to wrap up by mid-June. CPPIB has been a cornerstone investor in the Calgary-based TORC since 2013.

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