British oil and gas company Dana Petroleum has given its confirmation to buy Petro Canada, the Netherlands group for approximately 270 million pounds. The deal is Dana's biggest ever deal made till date, to bolster the reserves and production.

Dana petroleum group, holdings in oil and gas assets in the UK and North Africa, expressed that the deal would provide them the exposure towards the Dutch North Sea and may boost its production of 2010, somewhere around 10-12 percent on the annual basis.

Further the Dana petroleum group has estimated that the output through the production may incline by 8,000-9,000 barrels of oil per day in 2011, which is a near around 20-25 percent gain for them on their previous guidance, and by 10,000-14,000 barrels in 2012 inclined by upcoming and new projects in the Netherlands.

However the purchase shall crop petroleum house, Dana's reserves by 12.2 percent to 254 million barrels of oil and may provide the group further balanced 60:40 oil-to-gas ratio in the near future.

Dana also expressed that it had agreed upon the $900 million loan and credit facility patched up with the Royal Bank of Canada to provide aid to the pump in the fund for the deal and for broader refinancing option for the business.

According to the company the deal, pending for approvals via its shareholders, is expected to get through in the third quarter 2010.