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CALGARY, AB – Whitecap Resources Inc. (“Whitecap” or the “Company”) ( TSX: WCP ) is pleased to announce that it has successfully closed the previously announced acquisition of XTO Energy Canada (the “Acquisition”). The closing of the Acquisition adds production 1 of approximately 32,000 boe/d (30% condensate and NGLs) and over 2,000 top tier Montney and Duvernay drilling locations 2 that will provide decades of long-term sustainable production and free funds flow growth. The Acquisition also includes 100% ownership of the 15-07 gas processing facility which is a shallow cut facility with 165 mmcf/d of total capacity. The facility currently processes the acquired Duvernay volumes along with third-party volumes from area producers. Whitecap is also pleased to announce that in conjunction with completion of the Acquisition, Whitecap has closed the issuance of a $705 million 4-year term loan and increased its existing credit facility by $395 million which results in total credit capacity of $3.1 billion. The term loan is repayable at any time with no penalty and uses the same pricing grid as our existing credit facility. On current strip pricing, Whitecap is expected to reach its net debt 3 milestone of $1.8 billion by year end, which […]
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