Pengrowth Acquires Esprit to Boost Oil Reserves, Production
Pengrowth Energy Trust, an investor in oil and gas resources in Canada, said it agreed to acquire Esprit Energy Trust to create a company with production capacity of 75,000 barrels of oil equivalent, or BOE, a day.
Pengrowth will acquire 18,350 BOE of current production through the transaction, it said in a statement distributed through the Market Wire news service today.
Under the terms of the transaction, one Esprit unit will be exchanged for 0.53 of a Pengrowth unit, Pengrowth said in the statement. The new trust will keep the Pengrowth name.
Pengrowth says the combination will be accretive to reserves, production and distributable cash flow.
