Bloomberg News

Whitecap Buys Barrick Energy Assets in Alberta for $166 Million

June 27, 2013

Whitecap Resources Inc. (WCP), a Canadian oil and natural gas producer, said it agreed to buy energy assets in Alberta from Barrick Gold Corp. (ABX) for C$173.6 million ($166 million).

Whitecap agreed to buy light-oil assets producing 2,900 barrels of oil equivalent a day from Barrick, Grant Fagerheim, chief executive officer of Calgary-based Whitecap, said in a phone interview today. Andy Lloyd, a spokesman for Toronto-based Barrick, declined to comment.

Barrick, the world’s biggest gold producer, said in January it had started a sales process for its oil and gas unit. CEO Jamie Sokalsky, who took the job a year ago, is reviewing growth plans and seeking to offload assets as gold trades near a three-year low and heads for its first annual drop since 2000.

Barrick rose 1.9 percent to C$15.79 at 10:35 a.m. in Toronto. Whitecap gained 0.7 percent to C$10.30.

To contact the reporters on this story: Divya Balji in Toronto at dbalji1@bloomberg.net; Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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