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    WCP   CA96467A2002

WHITECAP RESOURCES INC.

(WCP)
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Canada's Whitecap Resources to buy Kicking Horse Oil & Gas for C$300 million

04/05/2021 | 08:35am EDT

(Reuters) - Oil and gas company Whitecap Resources Inc said on Monday it will acquire Kicking Horse Oil & Gas Ltd, a privately-held indirect subsidiary of Quantum Energy Partners, for C$300 million ($239.08 million) in a stock-and-cash deal.

Canada's oil and gas sector had a record start to 2021 in terms of mergers and acquisitions as companies took advantage of improved expectations of oil prices amid the pandemic recovery, and many industry participants expect the trend to continue.

Whitecap's indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and C$56 million in cash, along with the assumption of net debt estimated at C$54 million as of Feb. 28.

The Kicking Horse assets are positioned in the liquids-rich portion of the Alberta Montney. Whitecap says the deal complements its existing Montney position at Karr and has significant offsetting activity.

Kicking Horse's current production is about 8,000 barrels of oil equivalent per day (boepd) and is expected to increase to and maintained at 18,000-19,000 boepd over the next 12-15 months with the drilling of eight to ten wells per year.

Whitecap had already executed two deals in the second half of 2020 using stock to buy rivals Nal Resources and TORC Oil & Gas.

The deal for Kicking Horse is expected to close on or before May 31.

($1 = 1.2548 Canadian dollars)

(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.04% 66.5 Delayed Quote.28.41%
S&P GSCI GOLD INDEX 0.38% 1035.5149 Delayed Quote.-6.57%
WHITECAP RESOURCES INC. -6.17% 5.315 Delayed Quote.16.67%
WTI -1.55% 62.623 Delayed Quote.30.34%
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Financials
Sales 2021 2 013 M 1 606 M 1 606 M
Net income 2021 346 M 276 M 276 M
Net Debt 2021 1 088 M 868 M 868 M
P/E ratio 2021 12,1x
Yield 2021 3,17%
Capitalization 3 387 M 2 706 M 2 703 M
EV / Sales 2021 2,22x
EV / Sales 2022 1,90x
Nbr of Employees 278
Free-Float 77,5%
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Technical analysis trends WHITECAP RESOURCES INC.
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 7,80 CAD
Last Close Price 5,67 CAD
Spread / Highest target 49,9%
Spread / Average Target 37,6%
Spread / Lowest Target 14,6%
EPS Revisions
Managers and Directors
NameTitle
Grant Bradley Fagerheim President, CEO & Non-Independent Director
Thanh C. Kang Chief Financial Officer
Kenneth S. Stickland Chairman
David M. Mombourquette VP-Business Development & Information Technology
Joel M. Armstrong Vice President-Production & Operations
Sector and Competitors
1st jan.Capitalization (M$)
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