Based in Calgary in the Canadian province of Alberta, Northern Blizzard Resources is a crude oil production and development company.

WEF will make the acquisition through its affiliates WEF GP (International) and WEF GP (Canadian) having inked separate purchase agreements.

The equity firm will be buying each share at $3.60 from Northern Blizzard’s current owners who are the affiliates of Riverstone Holdings and NGP Energy Capital Management.

WEF stated that it will be buying the shares for investment reasons and may ask for representation on the board of directors commensurate with its acquired stake.

Also, it is likely to either increase or cut down its beneficial ownership, control or directions over Northern Blizzard’s securities in the future. The equity firm said that it plans to work with the crude oil company for an optimal business strategy.

WEF Managing Partner and CEO Adam Waterous said that he has been watching Northern Blizzard's progress for several years and pleased to start a long-term partnership with the company’s CEO John Rooney and president Jim Artindale.

Waterous added: “Over the last several years, current management's innovative development processes and techniques have transformed the Saskatchewan focused company's core Cactus Lake asset into one of North America's largest vertical well polymer floods.

“We believe the property's low decline, long reserve life, and high free cash flow make it a top quartile North American oil asset, which will serve as a platform for future growth for the company.”

Both the transactions will be closed after meeting certain regulatory approvals like the ones that fall under the Investment Canada Act and Competition Act.

Following that, WEF would be expanding the enterprise value of the assets it would control to over $1bn.