ORLEN Upstream Canada Ltd. will acquire Kicking Horse Energy Inc. through a definitive agreement, Kicking Horse said Oct. 13. The total transaction value is about CA$356 million.
ORLEN Upstream, a subsidiary of Poland’s PKN ORLEN SA, will acquire all of Kicking Horse’s outstanding common shares for CA$4.75 each, in cash. The transaction’s plan of arrangement is under Alberta’s Business Corporations Act, the company said.
Kicking Horse's core assets are in the Greater Kakwa area of the Montney Formation. The assets will add about 4,000 barrels of oil equivalent per day, 50% condensate, and 30MMboe of 2P reserves.
ORLEN Upstream Canada established its Canadian operations in 2013.
The arrangement is subject to approval at a special meeting of Kicking Horse’s shareholders and option-holders. The meeting is scheduled for either late November or early December of this year, the company said. The transaction is expected to close in late November or early December 2015.
BMO Capital Markets is ORLEN Upstream’s financial adviser and Norton Rose Fulbright Canada LLP is its legal counsel. AltaCorp Capital Inc. and Canaccord Genuity Corp. are Kicking Horse’s financial advisers and Burnet, Duckworth & Palmer LLP is its legal counsel.
Kicking Horse Energy Inc. is based in Calgary, Alberta.
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