Ranger Oil and Elan Energy to merge

Ranger Oil and Elan Energy to merge

Ranger Oil has agreed to merge with Elan Energy in a deal worth C$566m (pounds 258m). Ranger will pay Elan shareholders C$10.55 per share or .79026 of a Ranger share. The merged group will be one of the 10 largest independent public Canadian oil companies, with a portfolio of natural gas, light oil and heavy oil production. The bigger group hopes it will have more financial clout to develop heavy oil deposits, which are vulnerable to the cyclical nature of heavy oil prices.

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