Whitecap Resources, a company that explores for oil and natural gas, agreed to acquire TORC Oil & Gas, a company engaged in the acquisition, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin, for $703m. The strategic business combination of Whitecap and TORC creates a leading oil weighted producer in Western Canada with a focused asset base exhibiting lower production declines, high operating netbacks and strong capital efficiencies. "We are combining two strong Canadian energy producers to form a leading large-cap, light oil company geared towards generating sustainable long-term returns for shareholders while prioritizing responsible Canadian energy development. We would like to thank our employees for their continued exemplary efforts and our shareholders for their ongoing support. We look forward to advancing returns to our shareholders into the future," Grant Fagerheim, Whitecap's President & CEO.