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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.

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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.

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