Under the terms of the offer, shareholders of Calgas will receive C$1.34 cash for each Calgas share tendered pursuant to the offer. The aggregate cash consideration to be paid to the shareholders of Calgas pursuant to the offer will be approximately C$27.5 million.
The acquisition of Calgas will add approximately 575 barrels of oil equivalent per day (boe/d) of production to Spry and is expected to increase Spry’s estimated proved and probable reserves. On closing, Spry Energy’s production rate will be approximately 2,100boe/d; net undeveloped land will total 95,000 acres and Spry will have over 90 drilling locations to pursue.
