whitecap resources and compass petroleum announce completion of arrangement and production now exceeding 10,400 boe/d
WHITECAP RESOURCES AND COMPASS PETROLEUM ANNOUNCE COMPLETION OF ARRANGEMENT AND PRODUCTION NOW EXCEEDING 10,400 BOE/D
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap") (TSX: WCP) and Compass Petroleum Ltd. ("Compass") (TSXV: CPO) are pleased to announce that Whitecap has completed the previously announced acquisition of Compass pursuant to a plan of arrangement (the "Arrangement") under the provisions of the Business Corporations Act (Alberta). The closing of the Arrangement provides Whitecap with an initial entry into the Viking light oil resource play in West Central Saskatchewan and complements our existing oil weighted assets. Whitecap has acquired all of the issued and outstanding common shares of Compass for $14.0 million in cash and the issuance of an aggregate of 10.9 million common shares of Whitecap. Whitecap also assumed the positive working capital of Compass, estimated at $1.3 million as at November 30, 2011 (after accounting for costs and severance associated with the Arrangement). Whitecap’s current production is now in excess of 10,400 boe/d (65% oil, 3% NGL’s) and has 83.1 million common shares issued and outstanding.
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