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CanadianAcquirer

Serving the Canadian E&P market with news, analysis and business opportunities.

CanadianAcquirer
The CanadianAcquirer (red banner report) covers news and analysis on the Canadian acquisitions and divestitures (A&D) sector. This news report on the active Canadian asset marketplace features analysis of corporate mergers, property divestitures, completed transactions, deals in play and deal metrics.

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CS - Active rigs in first two months of 2020 were up over 2019 - March 2020
Through the first two months of the year, Canada’s rig count has shown a moderate improvement over 2019 in terms of the absolute number of active rigs. According to Baker Hughes data, the highest rig count in the two-month period was 257 compared to 243 in 2019. During the first week of January, 85 rigs were working compared to 76 at the same time last year. According to the Canadian Association of Oilwell Drilling Contractors, the January rig utilization percentage was 48.38% compared...
Mar 11, 2020
CS - Crew’s ultra-condensate Montney wells outperform at 1,300 boe/d - February 2020
Crew Energy may need to revise its expectations for its “ultra-condensate-rich” Montney acreage at Greater Septimus after it again exceeded expectations in Q4, this time with its four-well 3-32 pad. The four wells had an average lateral length of 3,000 meters and incorporated completion design improvements that reduced completion costs by 26% to $3.8 million per well, or $1,278 per lateral meter. During the last six hours of a 19- day production test, the wells flowed at restricted rates and...
Feb 19, 2020
CS - Yangarra lowers capex to $105MM, focuses on Chedderville - February 2020
Thanks to accelerated spending that enabled Yangarra Resources Ltd. to drill and bring online three additional wells late last year, the company has lowered its 2020 capex budget to $105 million from $120 million. It is keeping production guidance in the 14,000-15,000 boe/d range, which at midpoint would represent 16% growth from 2019’s 12,550 boe/d average. Spending in 2019 amounted to $121 million. The company said it had planned to drill and complete 24 wells last year, but it...
Feb 19, 2020
Brookfield buys Enbridge gas gathering biz for $4.3B
Canada’s largest alternative asset manager, Brookfield Infrastructure, and its institutional partners struck a C$4.31 billion (US$3.27 billion) deal to acquire 100% of pipeline giant Enbridge’s Western Canadian gas gathering and processing business. RBC Capital Markets advised Enbridge for the transaction. Brookfield will acquire 19 gas processing plants and liquids handling facilities, as well as 3,550 km (2,206 miles) of related gathering pipelines that serve the Montney, Peace River...
Jul 25, 2018
Ottawa unable to flip $4.5B Trans Mountain by deadline
The Canadian government is poised to become the official owner of the Trans Mountain pipeline system and expansion project (TMEP) after Ottawa and pipeline owner Kinder Morgan failed to find a private buyer before a July 22 deadline to ointly find a third-party buyer. Instead, Texas-based Kinder Morgan will now take the government’s $4.5 billion (US$3.5 billion) Trans Mountain offer to its shareholders. If shareholder approval is granted, the sale is expected to be approved in August or...
Jul 25, 2018
Canadian upstream deals in play total US$16B
Upstream oil and gas assets worth roughly US$16 billion are on the market as of midyear in Canada, comprising 13% of the total value of upstream deals in play worldwide, according to the Global Energy M&A Database. Oil sands make up the majority of assets for sale at 53%, with the next largest play type being conventional assets with 28%. Unconventional assets in the Viking, Cardium, Montney, Duvernay, Horn River and multiple plays collectively account for just 19% of assets for...
Jul 25, 2018
Eagle sells Twining, reducing core areas from three to two
Alberta and Texas-focused E&P Eagle Energy Inc. is reducing its core areas from three to two through the C$13.8 million (US$10.4 million) sale of its operated assets near Twining, Alberta. Tudor, Pickering, Holt & Co. advised Eagle on the deal, which is expected to close by Aug. 28. Proceeds from the sale will be allocated to reduce debt under Eagle’s secured term loan and to further fund its North Texas development program. Located near Three Hills, Twining is a large conventional...
Jul 25, 2018
7G acquired Deep Basin from Paramount for $1.9 billion - 2 Years Ago
Whereas Paramount Resources was active on the buy-side in early 3Q17, it was an active seller in early 3Q16. On July 6, 2016—exactly one year to the day before announcing its Apache acquisition and Trilogy Energy merger, Paramount struck a $1.9 billion deal for the sale of Deep Basin assets to Seven Generations Energy.7G expanded its holdings in the Montney Nest wet-gas play in the Kakwa River area of western Alberta and left Paramount holding a 10% stake in 7G. Under the deal, 7G...
Jul 25, 2018
Crescent Point was amid two-year acquisition spree - 3 Years Ago
The largest deal in early 3Q15 was Crescent Point Energy’s $236 million acquisition of Coral Hill Energy, which added 320,000 net acres, 2P reserves of 17.6 MMboe and operatorship of its Swan Hills assets. Crescent Point announced the deal shortly after it closed its $1.53 billion acquisition of Legacy Oil & Gas. Both deals were part of a two-year trend for Crescent Point, which was one of the most active buyers of upstream assets in Western Canada. In a one-two punch in 2014 with...
Jul 25, 2018
Paramount merged with Trilogy & bought from Apache - 1 Year Ago
The largest pair of early 3Q17 deals both had Paramount Resources as the buyer. Paramount doubled its acreage position, tripled its 1P and 2P reserves and quadrupled its production through a $996.5 million merger with Trilogy Energy and $496 million acquisition of Apache’s remaining Canadian business. The deals took the company from a junior to a mid-cap producer with a diversified production base in the Montney and a large drilling inventory in the Duvernay while adding ~67,000 boe/d (30%...
Jul 25, 2018

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