15th Nov 2007 07:05
Centrica enters into agreement to acquire Alberta gas assets Centrica plc today announced that its wholly-owned subsidiary, Direct EnergyMarketing Limited, has made an agreed offer to acquire all outstanding commonshares of Rockyview Energy Inc., (TSX:RVE), for a total cash consideration ofC$113.3 million (£56.9 million) including debt. The transaction is subject to shareholder and regulatory approval and isexpected to close in January 2008. Rockyview Energy is an oil and gas company with conventional oil and gas andcoal-bed methane operations in central, western and north-western Alberta. Inaddition to a production base of 2,700 boe per day (of which 97% is naturalgas), Rockyview Energy has a 100,000 acre undeveloped land portfolio withnumerous identified drilling locations. Sam Laidlaw, Chief Executive of Centrica, said: "Acquiring Rockyview Energy isin line with our strategy of increasing the level of vertical integration acrossCentrica and will add 43.2 Bcfe of additional gas reserves to supply ourCanadian Direct Energy retail customers, with the potential to increase thissubstantially through future focused drilling in the surrounding landportfolio." Enquiries: Centrica Investor Relations: 01753 494900 Centrica Media Relations: 0845 072 8001 Notes: 1/ The acquisition will be made through Centrica plc's wholly owned subsidiaryDirect Energy Marketing Limited. Copyright Business Wire 2007Related Shares:
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