Petrobank Energy and Resources has signed an agreement with Peerless Energy to acquire all of its issued and outstanding shares.

Peerless produces approximately 4,250 barrels of oil equivalent per day, consisting of light oil, primarily from the Bakken area in Saskatchewan, and natural gas from Alberta and British Columbia. It also has over 100,000 net acres (156 sections) of undeveloped land.

The acquisition is intended to strengthen Petrobank’s growth potential by adding 18 net sections of undeveloped land. The Peerless assets are complementary to Petrobank’s Bakken facility and infrastructure plans, the firm said.

The total acquisition cost is expected to be around C$334 million, including assumption of debt and costs of the transaction.