Whitecap Resources to Acquire TORC Oil & Gas in All-Stock Combination

Updated 9 months 2 weeks ago

Whitecap and TORC have entered into an agreement in which TORC shareholder will receive 0.57 common shares in exchange for each TORC common share. The combined entity will retain the existing Whitecap executive team. Both Whitecap and TORC directors have unanimously approved the transaction, and TORC shareholder CPP Investments has agreed to vote in favor of the deal. The company expects cost savings of $15 million in year one from corporate and operational synergies. The deal is expected to close by February 25, 2021.

Grant Fagerheim, Whitecap President & CEO

We are combining two strong Canadian energy producers to form a leading large-cap, light oil company geared towards generating sustainable long-term returns for shareholders while prioritizing responsible Canadian energy development.