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Whitecap Resources Inc. Announces Sale Of Weyburn Royalty And Achieves Debt Reduction Target
Whitecap Resources Inc. Announces Sale Of Weyburn Royalty And Achieves Debt Reduction Tar...
About this update from Whitecap Resources Inc.
[{"type":"text","content":"\n \n \n \n Whitecap Resources Inc. Announces Sale Of Weyburn Royalty And Achieves Debt Reduction Target\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prngen4{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n.prnsbb1{\nBORDER-BOTTOM:1pt\n}\n.prnsbr1{\nBORDER-RIGHT:1pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbt1{\nBORDER-TOP:1pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbl1{\nBORDER-LEFT:1pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 5, 2021\n \n /CNW/ - Whitecap Resources Inc. (\"Whitecap\" or the \"Company\") (TSX: WCP) is pleased to announce that it has entered into a definitive agreement (the \"Agreement\") with Topaz Energy Corp. for the sale of a newly formed 5% Gross Overriding Royalty (\"GORR\") on its working interest in the Weyburn CO\n \n 2\n \n Unit for cash proceeds of\n \n $188 million\n \n . The transaction is expected to close on or before\n \n October 31, 2021\n \n .\n \n \n Following the completion of the GORR sale, Whitecap will retain its operated 65.3% working interest ownership in the Weyburn Unit which remains a core, strategic asset within our portfolio. The Weyburn Unit is the single largest anthropogenic carbon sequestration project in the world and has sequestered over 36 million tonnes of CO\n \n 2\n \n since the project's first CO\n \n 2\n \n injection in 2000. The project is expected to continue to sequester carbon at a rate of approximately 2 million tonnes per year, driving Whitecap's net negative carbon footprint after accounting for scope 1 & 2 emissions. With a 100% oil and natural gas liquids weighting and less than 3% base decline rate, the profitability of the\n \n Wey...