Astara Energy to acquire Blackspur Oil from Calima Energy

Jan. 12, 2024
Astara Energy Corp. has agreed to acquire 100% of Calima Energy Ltd.’s wholly owned Canadian subsidiary, Blackspur Oil Corp., Calgary, for $75 million (Can.).

Astara Energy Corp. has agreed to acquire 100% of Calima Energy Ltd.’s wholly owned Canadian subsidiary, Blackspur Oil Corp., Calgary, for $75 million (Can.).

Blackspur Oil is a privately held, growth-oriented oil producer focused on conventional, shallow Mannville oil development in Alberta and holds assets in Brooks and Thorsby production areas. Calima Energy will retain its Paradise well asset in British Columbia.

The Brooks assets consist of a core land position of about 69,000 acres primarily targeting the Sunburst and Glauconitic formations. The assets currently have over 75 wells producing about 2,600 boe/d.

The Thorsby asset consists of a core land position of about 62,800 acres primarily targeting the Sparky formation. The Thorsby asset currently has 14 wells producing over 1,100 boe/d.

Following completion of the Blackspur deal, Astara Energy—a private, Calgary based company—will have about 8,500 boe of production in Alberta and Saskatchewan. The company currently holds about 285,000 gross (200,000 net) acres (70% working interest) with current production of 4,800-5,100 boe/d (70% liquids).

Subject to shareholder approval and regulatory approvals, the companies aim to complete the transaction about 10 days after shareholder approval, but no later than Mar. 30, 2024.