Skip to main content

The Globe and Mail

ARC sells Sask. oil-producing assets to Spartan for $700-million

Spartan said the purchase will make it one of the largest oil producers in Saskatchewan with expected year-end output of about 20,800 barrels of oil equivalent per day.

THOMASLENNE/THINKSTOCK

Spartan Energy announced it will spend $700-million to buy southeastern Saskatchewan assets from ARC Resources Ltd.

The deal between the two Calgary-based companies involves wells producing 7,500 barrels of oil equivalent per day and related oil batteries and gathering pipelines, Spartan said.

It said the purchase will make it one of the largest oil producers in Saskatchewan with expected year-end output of about 20,800 barrels of oil equivalent per day.

Story continues below advertisement

Spartan also reported it would raise $505-million through the sale of shares to help pay for acquisition and borrow to pay the rest.

In a separate news release, ARC says it will use the proceeds from the sale of its Saskatchewan properties to advance development of its oil and gas properties in northwestern Alberta and northeastern B.C.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

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 privacy@globeandmail.com.