Waterous-backed Strathcona in talks to acquire Caltex: Reuters

Strathcona Resources is in advanced talks to buy rival Caltex Resources for about C$700 million, adding to its enhanced oil recovery portfolio in Saskatchewan.

Calgary-based oil and gas producer Strathcona Resources is in advanced talks to buy rival Caltex Resources for about C$700 million ($553 million), adding to its enhanced oil recovery portfolio in Saskatchewan, Reuters reported. Caltex attracted interest from at least half a dozen public and private energy companies after it hired an investment bank to run a sale process. Strathcona is backed Canadian energy private equity firm Waterous Energy Fund.

Read the Reuters story here.