CALGARY — Vermilion Energy Inc. has signed a deal to buy junior energy company Leucrotta Exploration Inc. for $477 million.
Leucrotta is a Montney-focused oil and natural gas exploration and development company with property in northeast British Columbia and northwest Alberta.
The deal will see part of the Leucrotta land base and about $43.5 million in cash transferred to a new company which will be managed by the existing Leucrotta team.
Under the agreement, Leucrotta shareholders will receive $1.73 in cash plus one common share and 0.1917 common share purchase warrants in the new company for each Leucrotta share held.
Vermilion will also acquire a 12.5 per cent stake in the new company for $14 million.
The deal, which is expected to close in the second half of May, is subject to conditions, including approval by Leucrotta shareholders and securityholders as well as court and regulatory approvals.
This report by The Canadian Press was first published March 28, 2022.
Companies in this story: (TSX:VET, TSXV:LXE)
The Canadian Press
- 0064 Estevan OTS0064 Estevan OTS
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0062 TED_EPAC_Technology_300062 TED_EPAC_Technology_30
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0060 Arizona Lithium Lease building0060 Arizona Lithium Lease building
- 0059 Southeast College Heavy Equipment Operator0059 Southeast College Heavy Equipment Operator
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0015 Latus Viro0015 Latus Viro
- 0052 Predator Inspections0052 Predator Inspections
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 9001
- 0002