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Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.


TSX:WCP - Post by User

Comment by pierrelebelon Jul 19, 2024 8:17am
157 Views
Post# 36139670

RE:RE:RE:RE:RE:RE:wcp to vrn

RE:RE:RE:RE:RE:RE:wcp to vrn
That is very old news (May 2023)

Whitecap Resources Inc. ("Whitecap") (TSX: WCP) announces that it has received a letter (the "Proposal Letter") from the Canada Revenue Agency (the "CRA") advising that, subject to submissions by Whitecap, the CRA is proposing to reassess a former subsidiary of Whitecap to deny non-capital loss deductions relevant to the calculation of income taxes for the years 2018 and 2019.

In 2014, Whitecap acquired a private entity that held an interest in certain oil and natural gas assets and which had accrued non-capital losses in its business. The proposed reassessment seeks to disallow the deduction of approximately $494 million of these non-capital losses under the Income Tax Act (Canada) for the years 2018 and 2019. If the non-capital losses that have been claimed for the years 2018 and 2019 were ultimately disallowed, it is expected to result in an estimated liability for the previous taxation years of approximately $133 million, excluding interest.

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