Skip to main content

Legacy Oil + Gas Inc. , a Calgary-based oil patch junior, says it has acquired CanEra Resources Inc., an Alberta based private oil company, for about half a billion dollars.

Legacy said Tuesday it has paid $241-million in cash and 20.5 million shares, worth $262.2-million at the current stock price - a total value of $503-million.

The company said the deal gives it high quality, high netback, long life, light oil and liquids rich natural gas assets focused in southwest Alberta.

Story continues below advertisement

CanEra's primary asset is the dominant, operated working interest in the giant Turner Valley field, which contained 1.3 billion barrels of original oil in place and 1.6 trillion cubic feet of original gas.

In addition, Legacy is acquiring associated gathering, treating and compression equipment and unexplored land in the area. Current production is 4,900 barrels of oil equivalent output a day, about 60 per cent of which is light oil and liquids.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at