Surge Energy Inc. entered into a definitive agreement to acquire Substantially all of its remaining Canadian assets located in Alberta and Saskatchewan for CAD 245 million.

Surge Energy Inc. (TSX:SGY) entered into a definitive agreement to acquire Substantially all of its remaining Canadian assets located in Alberta and Saskatchewan for CAD 245 million on November 2, 2022. The consideration comprises CAD 165 million of cash, CAD 45 million in estimated interim period adjustments and CAD 35 million in common shares in Surge. The transaction is expected to close on or about December 19, 2022, subject to customary closing conditions.

Tudor, Pickering, Holt & Co., LLC and The Bank of Nova Scotia (TSX:BNS) acted as financial advisors to Enerplus Corporation. Peters & Co., Limited, National Bank Financial, Inc. and ATB Capital Markets Inc. acted as financial advisors and McCarthy Tétrault LLP acted as legal advisor to Surge Energy Inc.