Company News

BRIEF-Whitecap Resources announces acquisition of world class enhanced oil recovery project

Nov 13 (Reuters) - Whitecap Resources Inc

* Whitecap Resources Inc. announces acquisition of world class enhanced oil recovery project, $425 million financing, dividend increase of 5% and significantly enhanced free funds flow

* Whitecap Resources - Entered into an agreement to purchase light oil assets in southeast saskatchewan for cash consideration of $940 million

* Whitecap Resources - Deal to be funded with a $92.5 million non-brokered private placement, $332.5 million bought deal equity financing

* Whitecap Resources-Deal includes 62.1% operated working interest in weyburn unit, 200 boe/d of production from minor assets in Southeast Saskatchewan

* Whitecap Inc - In 2018, pro forma acquisition, co is set to deliver 14 - 16% production per share growth and 25% funds flow per share growth

* Whitecap Resources Inc - Whitecap’s credit facilities are anticipated to increase to $1.7 billion upon closing of acquisition

* Whitecap Resources - Board approved additional 5% increase to monthly dividend to $0.0257 per share effective for January 2018 dividend

* Whitecap Resources Inc sees 2018 FFO per share post-deal $1.66

* Whitecap Resources Inc - Sees 2018 post-acquisition average production 73,600 boe/d - 74,800 boe/d

* Whitecap Resources says non-brokered private placement of 10.5 million subscription receipts at $8.80/subscription receipt for gross proceeds of $92.5 million Source text for Eikon: Further company coverage: