Val Vista Energy makes $4.5M acquisition

CALGARY -- Junior energy producer Val Vista Energy Ltd. is buying a private oil and gas company in a $4.5-million cash and stock deal.

Val Vista said recently the purchase involves $3.3 million in cash and $1.2 million in shares. It will give the Calgary company central Alberta properties with about 200 barrels of oil equivalent production a day and more than 3,000 gross hectares of land.

The acquisition is expected to close Oct. 31 and will boost Val Vista's overall production to more than 475 barrels of oil equivalent output a day. The company's current production is primarily focused in the Manyberries, Taber, Conrad, and Matziwin areas of southern Alberta.

The Canadian Press