SRMLF - Canadian Natural to buy Storm Resources for C$6.28/share

Canadian Natural Resources (NYSE:CNQ) agrees to acquire Storm Resources (OTCPK:SRMLF), an oil producer in British Columbia's Montney formation, for C$6.28/share in cash, valuing Storm at C$960M. Current production, before royalties, to be acquired by Canadian Natural, totals ~136M cuf/day of natural gas and 5,600 bbl/day of natural gas liquids. Canadian Natural says Storm's land and production are located within its core area, providing opportunity to leverage synergies. Canadian Natural recently reported better than expected Q3 earnings and raised its dividend by 25%.

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Canadian Natural to buy Storm Resources for C$6.28/share