Torc Oil & Gas Ltd. (Toronto: TOG.TO) has entered into a series of strategic acquisitions in its core areas for an aggregate acquisition price of $65 million. Through five separate transactions, Torc will add approximately 500 boepd (>85% light oil and liquids) in both its west central Alberta Cardium and southeast Saskatchewan core areas. The acquisitions include working interest top-ups in a number of Torc's key producing properties as well as strategic offsetting acreage providing additional high quality development light oil drilling locations. In addition, the acquisitions further expand Torc's footprint in the emerging Torquay/Three Forks light oil play in southeast Saskatchewan adding 15 net sections of land with Torquay/Three Forks potential. Torc attributed $15 million of value to this undeveloped land. Two of the five acquisitions closed in the latter part of the third quarter and three will close in the fourth quarter.
Torc is based in Calgary.
Recommended Reading
What's Affecting Oil Prices This Week? (April 15, 2024)
2024-04-15 - While concerns about the stability of oil supply are increasing, Stratas Advisors does not expect oil supply to be disrupted – unless there is further escalation in the Middle East.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.
What's Affecting Oil Prices This Week? (April 8, 2024)
2024-04-08 - Stratas Advisors says geopolitics are providing a boost for oil prices as conflicts escalate–and while crude oil and oil products continue to flow, the possibility of disruption is increasing.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.