Canadian oil producer Paramount Resources Ltd (POU.TO) said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp (APA.N) for C$459.5 million ($353.7 million USD).
The Calgary-based energy company plans to buy Apache Canada Ltd, and fund the deal with cash on hand and no debt. The deal requires regulatory approvals and is expected to close in August.
A sale of Apache Canada would mark the Houston-based company’s exit from the country, the latest international oil firm to sell Canadian operations in favor of concentrating on U.S. shale plays.
Canadian oil producer Paramount Resources Ltd (POU.TO) said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp (APA.N) for C$459.5 million ($353.7 million USD).
Separately, Paramount also said it entered into an agreement with petroleum and natural gas company Trilogy Energy Corp (TET.TO), in which the company would buy the remaining 85 percent of the common shares and non-voting shares of Trilogy.
Source: Reuters
