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Topics News & Markets

Caledonian closes $35.7-million acquisition of Lario Oil and Gas Company

By The Canadian Press | February 17, 2012

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CALGARY - Caledonian Royalty Corp., a firm headed up by oilpatch veteran James Kinnear, said Friday it has closed its $35.7-million acquisition of privately held Lario Oil and Gas Co.

Caledonian paid $25.7-million on closing, with the remainder due by the end of September.

"This acquisition adds to holdings in our core focus areas of Edson, Niton and Medicine River, providing steady cash flow from solid producing areas with significant upside potential," said Kinnear, founder of major Calgary-based oil and gas producer Pengrowth Energy Corp. (TSX:PGF).

"This transaction also increases the ratio of revenues derived from oil and natural gas liquids and is accretive to Caledonian royalty unitholders."

Lario's current production is about 820 barrels of oil equivalent per day, with 52 per cent of that coming from natural gas and the rest from more lucrative oil and natural gas liquids.

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