Legacy Oil + Gas Inc. announces closing of Saskatchewan corporate acquisition
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CALGARY, May 25 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX:LEG) is pleased to announce the closing of its previously announced acquisition (the "Acquisition") of Villanova Resources Inc. ("Villanova"), a Saskatchewan based private oil company. Through the Acquisition, Legacy acquired high quality, high netback, light oil assets focused in its southeast Saskatchewan core area for total consideration of $18 million in cash, approximately 8.1 million Legacy common shares and the assumption of approximately $7.2 million of net debt.
Macquarie Capital Markets Canada Ltd. and GMP Securities L.P. acted as financial advisors and FirstEnergy Capital Corp. acted as strategic advisor to Legacy with respect to the Acquisition. National Bank Financial acted as financial advisor to Villanova.
Legacy is a uniquely positioned, well-capitalized junior oil and natural gas company with a proven management team committed to aggressive, cost-effective growth of light oil reserves and production in Saskatchewan and Manitoba. Legacy's common shares trade on the TSX Exchange under the symbol LEG.
This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this RELEASE.
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For further information: Trent J. Yanko, P.Eng., President + CEO, Legacy Oil + Gas Inc., 3900, Bow Valley Square II, 205 - 5th Avenue S.W., Calgary, AB, T2P 2V7, Telephone: (403) 441-2300, Fax: (403) 441-2017; Matt Janisch, P.Eng., Vice-President, Finance + CFO, Legacy Oil + Gas Inc., 3900, Bow Valley Square II, 205 - 5th Avenue S.W., Calgary, AB, T2P 2V7, Telephone: (403) 441-2300 Fax: (403) 441-2017
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