Heritage Oil agrees to acquire Turkey's Genel Enerji for $2.7B in stock

Heritage Oil Ltd., an energy company with operations in Russia & Middle East, said it will buy the privately held oil producer Genel Enerji AS of Turkey for stock worth over $3B CN ($2.7B). Heritage, which is based in the UK with offices in Calgary, said the deal will create an Anglo-Turkish company operating under the Heritage name & with significant oil and gas interests in northern Iraq's oil-rich Kurdistan region. Heritage said the combined company would have 2 core areas: Kurdistan and Uganda. Genel is an independent oil explorer & producer with interests in oilfields in Iraq & other properties. Under the deal, Heritage will double its current share capital by issuing 260M new shares, receiving all of Genel's shares in return. Last week, Heritage requested a suspension its shares on the London Exchange after confirming it