09:55 AM EST - Kelt Exploration Ltd. : has entered into an agreement with a Canadian oil and gas company to acquire certain crude oil and natural gas assets located at Pouce Coupe/Spirit River, in close proximity to the Company's core producing areas at Grande Cache and Karr in west central Alberta. The acquisition has an effective date of October 1, 2013 and is subject to standard industry closing conditions. Closing is expected to occur on or around December 20, 2013. The consideration to be paid by Kelt is $192.0 million, before closing adjustments, and will be financed by existing cash on hand and proceeds from an equity financing (described in more detail below). The Company has received a commitment letter from its bank, National Bank of Canada, whereby Kelt's available bank credit line will be increased to $100.0 million, upon satisfactory closing of the Pouce Coupe/Spirit River asset acquisition. Kelt Exploration Ltd.
shares T.KEL are trading up $0.14 at $8.51.
