Advantage Energy Income Fund, Calgary, (Toronto: AVN-UN; NYSE: AAV) plans to acquire Sound Energy Trust, Calgary, (Toronto: SND-UN) in a deal valued at approximately C$243.1 million (US$232.2 million). Sound has more than 430,000 net undeveloped acres in northern Alberta and southeastern Saskatchewan. Production is approximately 9,694 barrels of oil equivalent per day. Proved and probable reserves as of Dec. 31 were 33.1 million barrels equivalent. Pro forma, Advantage will have approximately 760,000 net undeveloped acres. Production will be up to 36,500 barrels equivalent per day (65% gas). Proved reserves will be 98.7 million barrels equivalent and proved and probable reserves will be 153.7 million barrels equivalent. The combined entity will have an enterprise value of approximately C$2.7 billion.
Recommended Reading
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.