Eagle Energy Trust (TSE: EGL-UN) announced Dec. 18 it wrapped up its acquisition of producing properties under horizontal waterflood in the Montney Shale in north central Alberta.
Eagle's newly established Canadian operating subsidiary, Eagle Energy Canada Inc., completed the purchase of a 50% nonoperated working interest in properties in the Dixonville Montney "C" oil pool from Calgary's Spyglass Resources Corp. (TSE: SGL) for about $86.2 million (C$100 million).
With this acquisition, Eagle, based in Calgary, adds about 1,250 barrels of oil equivalent per day, 97% light sweet crude, to its existing production. The purchase includes 112 producing wells and 82 injector wells.
The Dixonville acquisition was funded with about $47.4 million (C$55 million) of Eagle's available cash and the balance from Eagle's credit facility.
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