Obsidian to Sell Cardium Assets to InPlay Oil for US$225MM
Calgary, Alberta-based Obsidian Energy is divesting operated assets in the Cardium to InPlay Oil for CA$320 million in cash, equity and asset interests. The company will retain its non-operated holdings in the Pembina Cardium Unit #11.
PrairieSky Buys Canadian Mineral Interests in Deals Totaling $57MM
PrairieSky Royalty Ltd. acquired royalty interests in December and January deals in Alberta and Saskatchewan, Canada.
Ovintiv Closes Montney Acquisition, Completing $4.3B in M&A
Ovintiv closed its $2.3 billion acquisition of Paramount Resource’s Montney Shale assets on Jan. 31 after divesting Unita Basin assets for $2 billion last week.
Shell, Canadian Natural Resources to Swap Oil Sands, CCS Interests
In a swap transaction, Canadian Natural Resources Ltd. will own 100% interest in the Athabasca Oil Sands Project after acquiring a 10% interest from Shell Canada Ltd. in exchange for a 10% interest in carbon capture and storage facilities.
Ovintiv Closes $2B Uinta Sale to FourPoint Resources
Ovintiv is exiting Utah’s Uinta Basin in a $2 billion sale to FourPoint Resources, which will take over some of the play’s highest quality acreage.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
Enverus: M&A Set to Cool with Smaller Deals, Higher Breakevens
With fewer acquisition targets, Enverus Intelligence Research said the quality of acquired inventory is declining, with breakevens averaging $50/bbl in 2024 versus $45/bbl in 2022 and 2023.
Spartan Delta Ups Bought Deal Financing to $59MM
Underwriters have agreed to purchase approximately 22.2 million of Spartan Delta Corp. common shares, for resale to the public, at CA$3.82 per share (US$2.66), the company said.
Pickering Prognosticates 2025 Political Winds and Shale M&A
For oil and gas, big M&A deals will probably encounter less resistance, tariffs could be a threat and the industry will likely shrug off “drill, baby, drill” entreaties.
Shale Outlook Uinta: Horizontal Boom to Continue in 2025
After two large-scale transactions by SM Energy and Ovintiv, the Uinta Basin is ready for development—and stacked pay exploration.