Whitecap to pay $267M for controlling interest in Alberta oil pool

|About: Whitecap Resources, Inc. (SPGYF)|By:, SA News Editor

Whitecap Resources (OTC:SPGYF +6.9%) agrees to acquire a controlling stake in a Niska light sweet oil pool in Alberta for ~C$267M, which it says will add 2,500 boe/day of production.

The purchase includes strategic facilities consisting of two oil batteries, water disposal infrastructure and pipelines which Whitecap says will be important for future low-cost production growth.

The company also plans to sell ~600 boe/day of non-core production for C$57M, and announces a 12% dividend hike to a monthly C$0.07/share.