Centrica unit buying Rockyview Energy

A subsidiary of UK-based Centrica PLC agreed to buy Canadian oil and gas company Rockyview Energy Inc. for $113 million (Can.), including assumed debt.

Nov. 15, 2007

By OGJ editors
HOUSTON, Nov. 15 -- A subsidiary of UK-based Centrica PLC agreed to buy Canadian oil and gas company Rockyview Energy Inc. for $113 million (Can.), including assumed debt.

Energy services company Direct Energy of Toronto is the acquiring company. The deal, subject to shareholder and regulatory approvals, is expected to close in January.

Rockyview owns conventional oil and gas assets and coalbed methane assets in central Alberta, western Alberta, and the Peace River Arch. It produces 2,700 boe/d, of which 97% is gas.

Direct Energy owns and operates about 3,000 gas wells in Alberta and three gas-fired electric power plants in Texas.