Tangle Creek closes asset buy with help from Wells Fargo

Calgary light oil developer Tangle Creek Energy Ltd has acquired productive assets located primarily in the Waskahigan and Kaybob areas of Alberta for an undisclosed sum. The deal, which grows the company's production to more than 8,000 barrels of oil equivalent per day, is "transformational," CEO Glenn Gradeen said. The acquisition was financed mostly with equity provided by Wells Fargo Strategic Capital, the investment arm of Wells Fargo & Co. As a result, Wells Fargo joins Tangle Creek's existing investors, led by ARC Financial and Camcor Partners. ARC and Camcor have backed the company since April 2011.

DealsCanadaNorth AmericaBriefs