According to sources, Canadian private oil and gas producer Strathcona Resources is in advanced talks to buy Caltex Resources for roughly CAD700 million (USD553 million).
Caltex’s output is a total of 12,000 boepd from its two facilities, the heavy-oil producer Druid site and the polymer-based enhanced oil recovery (EOR) site Greater Bodo.
Earlier this year, Caltex hired an investment bank to run a sale process, which attracted interest from at least half a dozen public and private oil companies.
Deal talks between Strathcona and Caltex could still fail, cautioned the sources.
