July 6 (Reuters) - Canadian natural gas developer Seven Generations Energy Ltd said it would buy some of Paramount Resources Ltd's Deep Basin oil and gas properties in west Central Alberta for about $1.47 billion (C$1.9 billion), including debt.
Paramount Resources said it would receive C$475 million in cash and 33.5 million class A common shares of Seven Generations.
Seven Generations will also assume Paramount's senior unsecured notes worth about C$584 million due 2023.
The assets, which are located in the Musreau/Kakwa area, had estimated sales volumes of about 30,000 barrels of oil equivalent per day for the three month period ended June 30.
($1 = 1.2960 Canadian dollars) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Anil D'Silva)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles