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The Canadian Press - ONLINE EDITION
Cequence Energy acquiring lands in Alberta's Simonette area from Donnybrook
CALGARY - Cequence Energy Ltd. (TSX:CQE) has agreed to swap a property plus about five per cent of its equity to acquire certain oil and gas interests in Alberta from Donnybrook Energy Inc. (TSXV:DEI).
Calgary-based Cequence will get Donnybrook's interests in properties in the Simonette and Resthaven areas of Alberta.
Current production at those properties is about 120 oil-equivalent barrels per day. They also have 720,000 oil-equivalent barrels of proven reserves, worth about $12 million.
Donnybrook will get Cequence's interest in properties in the Fir area and 10.3 million common shares, worth about $13.9 million as of Friday.
Cequence, which estimates the total value of the deal at $23 million, including asset swaps and stock, expects to benefit from consolidating its land position at Simonette area.
Donnybrook plans to distribute the Cequence stock to its shareholders.
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