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Whitecap Buys Barrick Alberta Energy Assets for $166 Million

June 27 (Bloomberg) -- Whitecap Resources Inc., a Canadian oil and natural gas producer, said it agreed to buy energy assets in Alberta from Barrick Gold Corp. for C$173.6 million ($166 million).

Whitecap agreed to buy light-oil assets producing 2,900 barrels of oil equivalent a day from Barrick, Grant Fagerheim, chief executive officer of Calgary-based Whitecap, said in a phone interview today. Andy Lloyd, a spokesman for Toronto-based Barrick, declined to comment.

Barrick, the world’s biggest gold producer, said in January it had started a sales process for its oil and gas unit. CEO Jamie Sokalsky, who took the job a year ago, is reviewing growth plans and seeking to offload assets as gold trades near a three-year low and heads for its first annual drop since 2000.

Barrick rose 0.5 percent to C$15.57 at the close in Toronto. Whitecap gained 2.5 percent to C$10.49.

To contact the reporters on this story: Divya Balji in Toronto at; Liezel Hill in Toronto at

To contact the editor responsible for this story: Simon Casey at

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