Oil Sands / Unconventional
- March 29, 2017 – Cenovus Energy Inc. (“Cenovus”) agreed to acquire ConocoPhillips’s 50% interest in the FCCL Partnership, which is the companies’ jointly owned oilsands venture operated by Cenovus. Cenovus is also purchasing the majority of ConocoPhillips’s Deep Basin conventional assets in Alberta and British Columbia. These assets have a combined 2017 forecast production of approximately 298,000 boe per day. Total consideration for the purchase is $17.7 billion, including $14.1 billion in cash and 208 million Cenovus common shares.
- March 9, 2017 – Canadian Natural Resources Limited (“CNRL”) announced an agreement, subject to regulatory approvals, to acquire 70% of the Athabasca Oil Sands Project including 70% of the Scotford upgrader, as well as additional working interests in other producing and non-producing oilsands leases. CNRL has agreed with Shell Canada Limited and certain subsidiaries to acquire its 60% working interest in the Athabasca Oil Sands Project. CNRL and Shell have also agreed with Marathon Oil Corporation to jointly acquire its 20% share in Athabasca Oil Sands Project and related oilsands investments.
- March 24, 2017 – Total Energy Services Inc. (“Total Energy”) acquired a majority of the outstanding common shares of Savanna Energy Services Corp. (“Savanna”). Western Energy Services Corp. stated that Total Energy has taken up 51.6 % of the shares of Savanna under its hostile take-over bid.
- March 24, 2017 – Pengrowth Energy Corporation entered into an agreement for the sale of its non-producing Montney lands at Bernadet in northeast British Columbia for cash consideration of $92 million. The Bernadet asset encompasses 36.6 sections (100% working interest) of land with no associated production.
- March 22, 2017 – Trican Well Service Ltd. (“Trican”) and Canyon Services Group Inc. (“Canyon”) have entered into an arrangement agreement pursuant to which Trican has agreed to acquire all of the issued and outstanding common shares of Canyon on the basis of 1.70 common shares of Trican for each outstanding Canyon share. The consideration to be received by Canyon shareholders reflects a value of $6.63 per Canyon share based on the closing price of Trican shares on the Toronto Stock Exchange on March 21, 2017. The aggregate transaction value is approximately $637 million, including the assumption of approximately $40 million in Canyon debt. Upon completion of the transaction, existing holders of Trican shares and Canyon shares will collectively own approximately 56 % and 44 % of the combined company, respectively.
- March 21, 2017 – Journey Energy Inc. (“Journey”) has entered into a purchase and sale agreement with an undisclosed private company to acquire interests in Central Alberta for an aggregate purchase price of approximately $35.6 million, comprised of $29.6 million of cash and 2.1 million common shares of Journey. The acquisition consists of approximately 2,000 boe per day of high working interest liquids-rich gas production.
- March 20, 2017 – Pengrowth Energy Corporation announced it has entered into an agreement for the sale of a portion of its Swan Hills assets in north-central Alberta for total cash consideration of $180 million, subject to customary adjustments.
- March 17, 2017 – Blackbird Energy Inc. (“Blackbird”) entered into a binding agreement with Knowledge Energy Inc. for the acquisition of two gross sections (two net) of Montney rights for total consideration of 1.92 million Blackbird common shares.
- March 16, 2017 – Total Energy Services Inc. purchased, through the facilities of the Toronto Stock Exchange, 35,000 Savanna Energy Services Corp. shares.
- March 16, 2017 – Painted Pony Petroleum Ltd. (“Painted Pony”) entered into a share purchase agreement to acquire all of the issued and outstanding shares of UGR Blair Creek Ltd., a privately held 100% controlled subsidiary of Unconventional Resources Canada LP (“URC”), a portfolio investment held in certain private equity funds advised by ARC Financial Corp. and EnCap Investments LP. Pursuant to the agreement, total consideration of 41 million common shares of Painted Pony will be issued to URC. Based on the price per Painted Pony share in respect of the offering of $5.60, total share consideration is $229.6 million.
- March 9, 2017 – Enerplus Corporation announced agreements to sell Canadian properties located in Alberta and southwest Saskatchewan for aggregate proceeds of $67.3 million, before closing adjustments. The properties to be divested include the majority of Enerplus’s shallow gas assets, as well as its Brooks waterflood property.
- March 9, 2017 – Northern Petroleum PLC signed an agreement to acquire production wells and facilities located in Alberta in the same area as the company’s existing Rainbow assets. The company will acquire 75% of the assets with its joint venture partner, High Power Petroleum LLC acquiring the remaining 25%.
- March 13, 2017 – The federal government approved NOVA Gas Transmission Ltd.’s Towerbirch Expansion Project subject to 24 binding conditions. The $439-million project will involve the construction of two new pipeline sections totalling approximately 87 kilometres along with associated facilities in northwest Alberta and northeast British Columbia.