Athabasca Oil Sands (TSE:ATH) announced it's acquiring Excelsior Energy Ltd. (ELE.V) for C$144 million.
Shareholders of Excelsior will receive will get either C$0.36 in cash or 0.0347 of a common share of Athabasca for each share they hold.
Sveinung Svarte, president and CEO of Athabasca Oil Sands said, “The addition of Excelsior’s high quality assets to those of AOSC at Hangingstone is in line with the strategy we have presented to our investors and creates a world-class, stand-alone project.”
The attributed value of oil sands assets held by Excelsior are C$89 million.
After the deal is closed, in the Hangingstone region Athabasca will have 113,007 net underdeveloped acres.
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