Marquee to acquire gas and oil assets
Marquee has announced it is to purchase oil and gas assets.
Marquee Energy has revealed it has entered an agreement to acquire private oil and gas firm PrivateCo.
Negotiation techniques may have been used by both companies to come to a final total consideration of around $23.2 million (£14.55 million).
This is to be satisfied with the assumption of a net debt totalling $3.9 million, while Marquee is also to issue 10.4 million common shares in the enterprise.
When the acquisition is completed, Marquee will have another oil company in its portfolio.
Merger and acquisition specialists from National Bank Financial, Dundee Securities and Sayer Energy Advisors are providing financial assistance during this process.
"PrivateCo will add high netback, focused heavy oil assets in the Lloydminster area of Eastern Alberta in relative proximity to Marquee's existing east central Alberta core area," Marquee stated.
The firm is focused on creating a high rate of return on the production of fuel. It is publically traded and based in Calgary.
Source: Marquee Energy press release, March 1st
Posted by Edel Quinn