PE-backed Elkhorn Resources bought by Vermilion Energy for $427 mln
Elkhorn Resources Inc has been bought by Vermilion Energy Inc (TSX, NYSE: VET) for approximately $427 million, including the assumption of debt. The acquired assets comprise high netback, light oil producing assets in the Northgate region of southeast Saskatchewan. Founded in 2009, the Calgary-based Elkhorn has been a portfolio company of a number of Canadian private equity firms, including JOG Capital, Longbow Capital and SaskWorks Venture Fund, which is managed by PFM Capital. With headquarters in Calgary, Vermillion is an oil-leveraged producer that acquires, explores, develops and optimizes properties in Western Canada, Europe and Australia.
30 April 2014•3 mins read
