Cavalier Energy completes a royalty grant for C$100 million

On December 16, 2016, Cavalier Energy ("Cavalier") completed a transaction pursuant to which it granted a royalty to an unrelated third party on its oil sands properties for cash consideration of C$100 million.

The royalty, secured by a lien over the involved properties, will be calculated on a sliding scale based on the prevailing monthly Western Canadian Select price and payable based on Cavalier's realized bitumen price, net of diluent, transportation and storage costs.

Cavalier, wholly-owned subsidiary of Paramount Resources Ltd., is a private, Calgary-based, growth-oriented oilsands developer, holding approximately 220,000 net acres of Crown leases in the Western Athabasca region of Alberta.

Further information can be found on Canada Newswire's website.