Gulf Oil and Gas accountACCOUNT

Agreement Between Connacher and Hyak Energy ULC

Source: www.gulfoilandgas.com 12/29/2010, Location: North America

Connacher Oil and Gas Limited announced that it has executed a definitive Purchase and Sale Agreement with Hyak Energy ULC, an affiliate of Accelerated Oil Technologies LLC, a private company, whereby Connacher will sell its Battrum properties in southwest Saskatchewan to the Purchaser for an aggregate purchase price of $57.5 million, subject to normal closing adjustments and conditions. The transaction has an effective date of January 1, 2011 and it is anticipated it will close on or about February 15, 2011.

At an approximate production level from Battrum of 700 bbl/d of medium gravity crude oil, the transaction metrics were approximately $82,000 per flowing barrel of production and based on a mid-year 2010 evaluation completed by GLJ Petroleum Consultants Ltd. for Connacher, before adjustments for production since July 1, 2010, the consideration paid per proved and probable (2P) barrel of reserves was approximately $25.00 per barrel.

Proceeds will be added to Connacher's cash balances to reduce net debt.

Sayer Energy Advisors of Calgary, Alberta was Connacher's sole advisor in the sales process. RBC Capital Markets acted as financial advisor to Accelerated Oil Technologies LLC.

Connacher Oil and Gas Limited is a Calgary-based crude oil, natural gas and bitumen production, exploration and development company. Its primary asset is its Great Divide Project in Alberta's oil sands. Conventional properties are still held in Alberta at Marten Creek, Latornell, Three Hills and Gilby. Connacher also owns a 9,500 bbl/d heavy oil refinery in Great Falls, Montana and retains an approximate 19 percent interest in Petrolifera Petroleum Limited.

Accelerated Oil Technologies LLC is a private company focused on enhancing the production of mature oil fields in North America.

Acquisitions and Divestitures News in Canada >>

Namibia >>  5/23/2019 - Calima Energy Limited has entered into an agreement to sell its interest in the Namibia PEL 90 licence (Block 2813B) to Tullow Namibia Limited (Tullow...
Australia >>  5/22/2019 - Vintage Energy has announced an executed binding Heads of Agreement (HoA) with Metgasco to become a joint venture partner in the ATP 2021 permit on th...

Brazil >>  5/22/2019 - Petrobras has expressed interest to the National Council for Energy Policy (CNPE) to exercise the pre-emption rights on the Transfer of Rights surplus...
Argentina >>  5/20/2019 - The Argentinian authorities officially awarded the exploration license of offshore block MLO 124 to an Eni-led consortium. The award is the outcome of...

Mexico >>  5/16/2019 - Ophir Energy has signed a Sales and Purchase Agreement ('SPA') relating to the sale of its 23.33% interest in Block 5 (Cuenca Salina), offshore Mexico...
Australia >>  5/14/2019 - Vintage Energy has executed a binding Heads of Agreement with Firetail Energy Services for it to become a joint venture partner in the EP126 permit (o...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News

Related Links

CA US
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.