Canadian oil and gas exploration and production company International Petroleum Corporation (IPC) has agreed to acquire rival BlackPearl Resources in an all-stock deal that would create a company with an enterprise value of $1.36 billion.
BlackPearl Resources said that recent stock prices imply an acquisition price of $1.42 per share of its stock. Based on its number of fully diluted shares, that makes the deal worth about $518.8 million.
With this acquisition, IPC expects its proved plus probable reserves to be 291 million boe and production of 44,500 barrels of oil equivalent per day (boe/d).
BlackPearl estimates its proved plus probable reserves as of year-end 2017 at 159 million boe.