CALGARY, Alberta, Oct 15 (Reuters) - Bellatrix ExplorationLtd, a small Canadian oil and gas explorer, said onTuesday it has agreed to buy rival Angle Energy Inc forcash and shares worth C$315 million (US$304 million) and formeda joint venture with a South Korean private equity firm todevelop oil properties in Alberta.
The company said it would pay C$3.85 per share for Angle, a20 percent premium to its closing price on the Toronto StockExchange on Friday.
Bellatrix will cap its cash payout for the acquisition atC$69.7 million with the remainder of the purchase to be fundedby its shares.
It will also assume Angle's C$261 million long-term debt.
The acquisition brings 10,500 barrels of oil equivalent(BOE) per day of oil and gas production, as well as 32.7 millionBOE of reserves and nearly 230,000 acres of exploration landsprimarily in West Central Alberta, where Bellatrix's operationsare concentrated.
Bellatrix also said it has formed a C$240 million jointventure with South Korea's Troika Resources Private Equity Fund,managed by KDB Bank, SK Energy and Samchully AssetManagement Co, to drill and develop oil and gas properties inthe Ferrier-Cardium region of west central Alberta.
The Korean fund will contribute C$120 million to the jointventure, which is expected to drill 63 wells in the region bythe end of 2014.
The fund's investment comes as Canadian Energy Minister JoeOliver visits South Korea and China to boost Asian investment inCanada's oil and gas industry.
Bellatrix shares fell 10 Canadian cents to C$8.35 on theToronto Stock Exchange on Tuesday.
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