CPPIB to help fund TORC's $430 mln acquisition of light oil assets

TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire light oil producing assets in southeast Saskatchewan and Manitoba that are complementary to its existing assets in the region. The purchase price is $430 million, payable in cash to an undisclosed Canadian oil and gas company. In support of the proposed transaction, which is expected to be completed in June, TORC's cornerstone investor, the Canadian Pension Plan Investment Board (CPPIB), has agreed to commit up to about $150 million in additional funding. Established in 2010, the Calgary-based TORC is focused on the acquisition, exploration, development and production of crude oil and natural gas assets.

DealsCanadaNorth AmericaBriefs