Canadian Oil Cos. Plot Merger To Form $1.8B Producer

Law360, New York (March 17, 2014, 4:29 PM EDT) -- Canadian oil companies Caracal Energy Inc. and TransGlobe Energy Corp., whose exploration and production efforts are both focused on Africa, said Saturday that they’ve agreed to join forces to create a merged company with a combined market capitalization of $1.8 billion.

The companies say the merged company — which will operate under the Caracal name and is subject to approval by Caracal and TransGlobe shareholders — will be one of the largest independent, Africa-focused oil producers, with reserves of 135 million barrels of oil and 25,100...
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