Whitecap Resources buys Imperial assets

Calgary-based Whitecap Resources Inc. has struck an $855-million deal to purchase Imperial Oil Ltd. oil- and gas-producing assets in Alberta and British Columbia — including some near Rocky Mountain House.

Calgary-based Whitecap Resources Inc. has struck an $855-million deal to purchase Imperial Oil Ltd. oil- and gas-producing assets in Alberta and British Columbia — including some near Rocky Mountain House.

The sale, which is expected to close in May, includes land and equipment in the Ferrier and Willesden Green area near Rocky. A gas plant and battery at Ferrier are among the assets.

Whitecap is re-selling some of the gas production and related facilities that it’s buying to Keyera Corp. for $113-million.

With the proceeds of that sale, and an estimated $50 million purchase price adjustment on the Imperial Oil deal, Whitecap anticipates its net cost to be about $692 million.

The affected assets produced about 15,000 oil-equivalent barrels per day in 2013, with production split evenly between oil and gas.

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