Longshore Resources Ltd. Announces Transformational Transaction and Creation of a Premier Oil Weighted Entity
Longshore is well positioned to engage in further consolidation in its new and existing core assets.
Calgary, June 5, 2020 - Longshore Resources Ltd. is pleased to announce that it has entered into an agreement with Rifle Shot Oil Corp., Steelhead Petroleum Ltd., and Primavera Resources Corp. to acquire all of their outstanding shares as part of a consolidating transaction.
The merger of the above entities is transformational for Longshore and will create a financially strong, oil-weighted company. Pro forma the acquisition Longshore will produce over 14,000 boe/d (75% oil). The merger brings together several top-quality oil plays that are complementary to one another. Top tier, high growth lower Charlie Lake light oil is combined with low-cost, high free-cashflow Mannville oil. These assets are further enhanced with excellent netbacks generated by the Viking in Saskatchewan as well as a block of high-potential Montney land in NE British Columbia. Longshore will continue to seek opportunities to optimize its asset portfolio in its operating areas.