* Third-quarter adjusted earnings $0.31/share
* Revenue fell 7 pct to $105.2 mln
* Raises monthly dividend to 6 cents per share
Nov 6 Franco-Nevada Corp said it will
buy an 11.7 percent net royalty interest in an oil field in
Saskatchewan from Penn West Petroleum Ltd for C$400
million in cash.
The gold-focused royalty company said it will buy the
royalty interest in the Weyburn oil unit in southeast
The Weyburn unit, operated by Cenovus Energy Inc,
currently produces about 26,000 barrels of oil per day of medium
grade slightly sour crude, Franco-Nevada said.
The company expects the deal to close by Nov. 30 and to
immediately add to earnings.
Franco-Nevada, which funded the deal with working capital,
provides upfront cash in exchange for future royalties. It holds
interests in precious metal, base metal, and oil and gas
projects around the world.
The company's earnings rose to $52 million, or 36 cents per
basic share, in the third quarter, from $44.1 million, or 35
cents per basic share, a year earlier.
On an adjusted basis, earnings were 31 cents per share.
Revenue fell 7 percent to $105.2 million.
The Toronto-based company raised its monthly dividend by a
fifth to 6 cents per share starting January.
Shares of the company, which has a market cap of C$8.29
billion, closed at C$56.05 on Tuesday on the Toronto Stock