Private equity firm Waterous Energy Fund succeeded in its bid to take controlling interest in Osum Oil Sands on March 2, days after the Canadian oil producer’s board ended its opposition to the deal.
Osum had earlier rejected Waterous’ original offer to take over the company, calling it inadequate. However, last week, the company’s board withdrew its recommendation that shareholders reject Waterous’ approach after a sweetened bid.
The deal comes as consolidation heats up in the Canadian oil industry, as operators look to scale up and cut costs to capitalize on a recent recovery in crude prices from the lows touched during the COVID-19 pandemic.
In recent weeks, Canadian oil and gas producer ARC Resources Ltd. announced an agreement to buy rival Seven Generations Energy Ltd., while investment firm Brookfield Infrastructure Partners LP launched a hostile takeover bid for oil and gas transportation company Inter Pipeline.
Waterous’ latest offer was to buy up to 57 million shares of the oil and gas producer at C$3 per share, implying a deal value of C$171 million ($135.62 million).
Recommended Reading
NGP Backs Wing Resources with $100MM to Buy Permian Mineral Interests
2025-04-02 - Wing Resources VIII, which is backed by NGP Royalty Partners III, will focus on acquiring “high-quality” mineral and royalty interests across the Permian Basin, the company said.
Boardwalk Project to Grow Southern Access for Appalachian NatGas
2025-04-02 - Midstream company Boardwalk Pipeline is holding an open season for future new capacity on the Texas Gas Transmission pipeline.
Exxon Mobil Vice President Karen McKee to Retire After 34 Years
2025-04-02 - Matt Crocker will succeed Karen T. McKee as vice president of Exxon Mobil and president of its product solutions company.
Paisie: How a World in Flux Impacts Oil Prices
2025-04-02 - Sanctions, tariffs and production strategies are buffeting crude markets as wild cards like tariffs and geopolitical conflicts make headlines.
Oil Prices Fall into Negative Territory as Trump Announces New Tariffs
2025-04-02 - U.S. futures rose by a dollar and then turned negative over the course of Trump's press conference on April 2 in which he announced tariffs on trading partners including the European Union, China and South Korea.