Triton Energy to Acquire Oil and Gas Assets in Alberta

Canada-based petroleum and natural gas producer Triton Energy said it will acquire oil and gas properties in West Central Alberta for C$45m (US$42.2m).

The company expects to produce 1,950 barrels of oil equivalent per day (boepd) of natural gas and light oil after the acquisition, according to Reuters.

The company has also secured C$25m (US$23.5m) in bought deal financing and plans to sell 104.2 million shares at discount.

According to the company, the secured money will be used to fund the acquisition and its exploration and development activities.

Triton aims to raise its credit facilities to about C$20m (US $18.8m) for the acquisition, which the company expects to add to its earnings on a per share basis on all key metrics.

The acquisition is expected to be completed by 22 February 2010.