Calgary-based Canadian royalty trusts Penn West Energy Trust (NYSE: PWE; Toronto: PWT) and Canetic Resources Trust (NYSE: CNE; Toronto: CNE) plan to merge resulting in a combined value of more than C$15 billion. Pro forma, Penn West production will be approximately 200,000 barrels of oil equivalent per day, comprised of 45% light oil and natural gas liquids, 32% gas and 13% heavy oil. Proved reserves will be 600 million barrels of oil equivalent, and 800 proved plus probable with a reserve life index of 11 years. Undeveloped land includes 4.3 million net acres. The trust will operate approximately 80% of its production.
Recommended Reading
Confirmed: Liberty Energy’s Chris Wright is 17th US Energy Secretary
2025-02-03 - Liberty Energy Founder Chris Wright, who was confirmed with bipartisan support on Feb. 3, aims to accelerate all forms of energy sources out of regulatory gridlock.
Trump Nominates E&P Advocate Sgamma to Head Bureau of Land Management
2025-02-12 - If confirmed by the Senate, Kathleen Sgamma, president of the Western Energy Alliance, would oversee management of approximately 245 million acres of surface lands.
What's Affecting Oil Prices This Week? (Feb. 3, 2025)
2025-02-03 - The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
Michael Hillebrand Appointed Chairman of IPAA
2025-01-28 - Oil and gas executive Michael Hillebrand has been appointed chairman of the Independent Petroleum Association of America’s board of directors for a two-year term.
Origis Secures $1B in New Investments from Brookfield, Antin
2025-01-15 - Brookfield Asset Management is joining Origis Energy’s investor group alongside existing investor and majority owner Antin Infrastructure Partners.
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.