The new company, dubbed Prairie Provident Resources, will operate in three core areas: Evi, located in the Peace River Arch area of northern Alberta; Princess in southern Alberta; and Wheatland, located east of Calgary.
Each operational area offers "meaningful growth potential through lower risk development drilling opportunities, a proven waterflood programme and future consolidation prospects", the companies said on Tuesday.
Prairie Provident will have a production base of about 4000 barrels of oil equivalent per day, with about a 71% liquids cut.
