By Colin Kellaher 



  Whitecap Resources Inc. on Monday said it has agreed to buy fellow oil producer NAL Resources Ltd. from Manulife Financial Corp. for about 155 million Canadian dollars (US$118 million) in stock. 


  Whitecap, based in Calgary, Alberta, said it will issue 58.3 million shares to Manulife in exchange for NAL in a deal that will bolster its operations in Alberta and Saskatchewan. 


  Toronto financial-services company Manulife will own a roughly 12.5% stake in Whitecap upon closing of the deal, slated for Jan. 4, 2021. 


  Whitecap said it expects combined production of 81,000 to 83,000 barrels of oil equivalent a day next year, and capital investments of C$250 million to C$300 million. 


  Shares of Whitecap were recently up 2% at C$2.58. 


  Write to Colin Kellaher at colin.kellaher@wsj.com