Deltastream sells a royalty on its oil-producing assets to Topaz for cash consideration of C$265.3m

Our Calgary office advised Deltastream Energy Corporation on a definitive agreement to sell to Topaz Energy Corporation a 5% gross overriding royalty (GORR) on all current and future oil production from Deltastream's entire Clearwater acreage (Royalty Lands) in Alberta for cash consideration of approximately C$265.3m.  In connection with this transaction, Deltastream declared a capital dividend on its outstanding common shares in the amount of approximately C$130.5m.

Deltastream is a pure-play Clearwater Canadian oil and gas exploration and production company, and the Royalty Lands are one of the largest unencumbered asset bases in the area.