Surge Energy Inc. acquired certain crude oil assets from Enerplus Corporation for consideration of C$245M, payable in cash and common shares
December 19, 2022
245.00 Million CAD
On December 19, 222, Surge Energy Inc. closed the acquisition from Enerplus Corporation of certain crude oil assets focused within Surge’s Sparky and SE Saskatchewan core areas (the “Assets”).
Surge purchased the Assets, effective May 1, 2022, for aggregate consideration of C$245 million, payable to Enerplus by way of C$165 million of cash, C$43 million in interim period adjustments, and C$35 million of common shares of Surge. The cash portion of the purchase price was partially funded through amendments and increases to Surge’s first and second lien credit facilities.
Surge Energy Inc. is an oil focused E&P company that has crude oil reserve, production and cash flow base.
McCarthy Tétrault assisted Surge Energy with a team led Brian Bidyk that included Michael Caldecott (Competition), Michael Bennett, Ashley Urch, Niki Gill and Ashley Wilson (Business) and James-Scott Lee, Sydney Hamilton and Rhea Evans (Financial Services).