Daily News: November 15, 2017

NBC Supports Whitecap Acquisition of World Class Enhanced Oil Recovery


Whitecap Resources entered into an agreement to purchase light oil assets in Southeast Saskatchewan for $940 million before closing adjustments. National Bank of Canada served as administrative agent for an increase of the company’s facility to $1.7 billion to support the purchase.

The lender syndicate also included TD Bank, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, Bank of Montreal, JPMorgan Chase, Alberta Treasury Branches, Canadian Western Bank, Royal Bank of Canada and Wells Fargo, Canadian Branch.

The acquisition is a continuation of Whitecap’s strategy to enhance its existing portfolio with assets that exhibit lower production declines, high operating netbacks and significant growth opportunities with strong capital efficiencies to further enhance its future free funds flow.