Waterous backs Strath's $340 mln buy of Paramount energy assets
Calgary-based oil and gas company Strath Resources Ltd has agreed to acquire energy assets held by Paramount Resources Ltd (TSX: POU) in the Resthaven/Jayar area of Alberta's Kakwa region. The assets, which consist of oil and gas properties and related infrastructure, are being sold for $340 million. Strath will pay $170 million in cash, funded entirely by its majority investor, Canadian energy private equity firm Waterous Energy Fund. The rest will be paid in common shares. With the deal's closing, expected in July, Paramount, a Calgary-based liquids-focused energy company, will own a 15.6 percent interest in Strath. Founded last year, Strath is led by President and CEO Steve Fagan.
15 June 2018•3 mins read
