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Seven Generations to buy some Deep Basin assets from Paramount

Published 2016-07-06, 04:12 p/m
Seven Generations to buy some Deep Basin assets from Paramount
NG
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POU
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VII
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July 6 (Reuters) - Canadian natural gas developer Seven
Generations Energy Ltd VII.TO said it would buy some of
Paramount Resources Ltd's POU.TO Deep Basin oil and gas
properties in west Central Alberta for about C$1.9 billion
($1.47 billion), including debt.
Paramount Resources said it would receive C$475 million in
cash and 33.5 million class A common shares of Seven
Generations.
Seven Generations will also assume Paramount's senior
unsecured notes worth about C$584 million due 2023.
The assets, which are located in the Musreau/Kakwa area, had
estimated sales volumes of about 30,000 barrels of oil
equivalent per day for the three month period ended June 30.

($1 = 1.2960 Canadian dollars)

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