UPDATE: Whitecap Resources Acquires Invicta Energy for $60.2 Mln; Whitecap Down 2%, Invicta Touches New 52-Week Highs

Whitecap Resources Inc. (WCP.TO) has entered into an arrangement agreement to acquire all the issued and outstanding common shares of Invicta Energy (VCA.V). The total transaction value is approximately $60.2 million, including the assumption of net debt.

Invicta shareholders will receive, at their election, for each Invicta share held, either: (i) 0.05891 of a Whitecap common share; or (ii) $0.51911 in cash, subject to an aggregate cash maximum of $10.7 million.

The company also revised its 2013 production guidance, increasing it by 3% to 17,200 - 17,400 boe/d. Capital spending is also increased by 3% to $160 million from its previous guidance provided.

WCP was down 2% to $9.32, trading near 52-week high $9.62. VCA has climbed to a new 52-week high of 54 cents today.

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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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