Raging River Closes $105 Million Dodsland Viking Acquisition

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$105.0MM
Description

Purchased operated producing oil and gas assets in its core Dodsland resource light oil play.

Raging River Exploration Inc. (TO: RRX) announced Nov. 21 that it had closed its acquisition of focused, high working interest, operated producing oil and gas assets in southwest Saskatchewan from a senior energy producer for $105 million.

The acquisition adds significant reserves, production and undeveloped land in its core Dodsland resource light oil play.

With the closing of the acquisition, Raging River also entered into a new syndicated credit facility agreement of $225 million comprised of a $20 million operating facility and a $205 million revolving facility.

As of Jan. 1, 2014, proforma the acquisition and the remaining development capital program, net debt is anticipated to be $100 million, representing 0.75 times the estimated annualized fourth quarter 2013 cash flow.

Raging River Exploration Inc. is a junior oil and gas producer currently focused in the Kindersley area of Saskatchewan. The company is based in Calgary.