Heritage Oil agrees to buy Turkey’s Genel Enerji

CALGARY, Alberta — Canada’s Heritage Oil Ltd. says it has agreed to buy the privately-held Turkish oil producer Genel Enerji AS for shares worth more than 3 billion Canadian dollars ($2.7 billion).

Heritage said Tuesday the deal will lead to the formation of an expanded Anglo-Turkish company operating under the Heritage name and with significant oil and gas interests in northern Iraq’s oil-rich Kurdistan region.

Heritage Oil is a Calgary-headquartered global company with operations in Russia and the Middle East. Genel is an independent oil explorer and producer with interests in oilfields in Iraq and other properties.

Heritage will double its current share capital by issuing 260 million new shares, receiving all of Genel’s shares in return.