PE-backed Long Run buys Crew Energy's oil and gas assets for $225 mln
Long Run Exploration Ltd (TSX: LRE), a portfolio company of Canadian private equity firm Sprott Resource Corp, has acquired oil and liquids-rich natural gas assets focused on the Cardium in the Deep Basin and Pine Creek areas of Alberta from Crew Energy Inc (TSX:CR). The deal, valued at about $225 million, was funded by Long Run with a bought deal equity financing, the disposition of selected assets and credit facilities. Based in Calgary, Long Run is an intermediate oil and natural gas company focused on light-oil development and exploration in Western Canada.
2 June 2014•6 mins read
