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Thursday, June 12, 2014

Canada's Long Run Exploration to purchase Crocotta Energy, (TSE: CTA.TO)

Canadian oil and gas producer Long Run Exploration Ltd said it would purchase Crocotta Energy Inc for about $357 million. Under the terms of the deal, Long Run will acquire Crocotta's Edson Cardium and Bluesky assets in Edmonton, Alberta.The deal also includes the assumption of approximately $115 million in debt.Long Run shares closed at C$5.63 on the Toronto Stock Exchange on Thursday.Long Run did not specify whether the deal was in Canadian or U.S. dollars and the company could not be immediately reached for comment. (Reporting By Narottam Medhora in Bangalore; Editing by Simon Jennings)

Crocotta Energy Inc. (Crocotta) is an oil and natural gas company. Shares of CTA traded higher by 3.23% or $0.13/share to $4.16. In the past year, the shares have traded as low as $2.58 and as high as $4.30. On average, 462652 shares of CTA.TO exchange hands on a given day and today's volume is recorded at 282170.