On August 2, 2024, Rubellite Energy Inc. acquired Buffalo Mission Energy Corp., a private heavy oil producer, for $97.5 million. The deal included $62.7 million in cash, $11.3 million in shares, and $23.5 million in assumed debt.

The acquisition added 67.3 gross Mannville stack sections, 170 identified drilling locations, and 2,500 barrels per day of production. It expanded Rubellite’s Clearwater and Mannville operations and strengthened partnerships with Indigenous communities, including the Frog Lake First Nation.

ATB Securities Inc. and BMO Capital Markets acted as advisors to Rubellite, with Burnet, Duckworth & Palmer LLP as legal counsel. Borden Ladner Gervais LLP advised Buffalo Mission Energy.