On June 15, 2015, TORC Oil & Gas Ltd. acquired high quality, light oil assets complementary to TORC’s existing assets in southeast Saskatchewan. The acquisition included 4,750 boepd of low decline, high netback, light oil producing assets in southeast Saskatchewan and Manitoba. The acquired assets include ownership of freehold mineral title on more than 80 net sections of land in southeast Saskatchewan. The total consideration for the acquisition is $430 million.
In conjunction with the acquisition, TORC completed a private placement of subscription receipts through which its cornerstone investor, Canada Pension Plan Investment Board, invested $149,985,000. Concurrently with the private placement, TORC also completed a $288 million bought deal prospectus offering of subscription receipts. All subscription receipts issued pursuant to CPPIB’s investment and the prospectus offering have been converted to TORC common shares.
Osler represented CPPIB with a team comprised of Robert Lehodey, Neal Ross and Heidi Wong.