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Crew Energy to Acquire Caltex Energy for $622 Million

Crew Energy (CR.TO) announced on Monday that it has struck a deal to acquire privately owned Caltex Energy Inc. for $622 million in shares and assumed debt.

Under the deal, the company will issue more than 33.2 million of its shares at a deemed price of $16.30 per share and take on $80 million of Caltex debt, the company said.

The company said the deal provides the it with exposure to significant heavy oil deposits in the Lloydminster area of Saskatchewan and liquids rich natural gas assets in the Wapiti area of Alberta.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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