Angle Energy Inc said it agreed to buy certain assets within its Ferrier core area in western central Alberta for C$22.5 million in cash.
The deal includes the acquisition of production of 550 barrels of oil equivalent (boe) per day from a 53 percent average working interest in seven producing gas wells and a 75 percent working interest in seven producing oil wells.
The deal, which is expected to close in early June, will also give Angle access to proved plus probable reserves of 1,070 thousand boe.
Calgary-based oil and gas explorer said it will fund the deal using a combination of proceeds from its recently announced equity financing and its expanded credit facility.
Shares of the company closed at C$4.63 Monday on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Himani Sarkar)