Navigate this market better. Subscribe for FREE stock alerts and information.

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 C$357 million ($329 million), including debt.Under the terms of the deal, Long Run will acquire Crocotta's Edson Cardium and Bluesky assets in Edmonton, Alberta.The deal includes the assumption of about $115 million in debt.Long Run said the deal would allow it to add about 7,500 barrels of oil equivalent per day (boe/d) in natural gas and light oil production.

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.