Whitecap Resources Inc. (TO: WCP) completed its purchase of strategic light oil assets in Western Canada, including its Pembina Cardium/West Central core area, from Calgary's Imperial Oil Ltd. for C$678 million, the company announced on May 1.
The acquisition adds a concentrated land and operating base with high netback production of 6,500 barrels of oil equivalent per day (boe/d), which is 83% oil and NGL. The properties, located in British Columbia and Alberta, have a low base decline rate of 16% and significant low risk oil reserves upside.
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