Surge Energy to buy PE-backed Mount Bastion for $320 mln

Surge Energy Inc (TSX: SGY) has agreed to acquire Mount Bastion Oil and Gas Corp, a Calgary-based oil and gas explorer and producer, for $320 million in cash and stock. The deal, expected to close in October, is supported by Mount Bastion directors and officers as well as its largest shareholder, collectively representing about 70 percent of the company's shares. The acquisition by Surge, a Calgary-based oil-focused company, will provide an exit to JOG Capital, a Canadian energy private equity firm. JOG invested in Mount Bastion in 2016. Mount Bastion's Alberta assets include about 5,500 barrels of oil equivalent per day of light crude oil production.

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