Cardium
Penn West Will Sell Slave Point Properties In Northern Alberta For CA$148 Million In Cash
Other noncore asset sales are expected to close by the end of the second quarter. Penn West's asset disposition program has now raised more than CA$1 billion in cash proceeds since the beginning of 2015.
Cardium Gross Acreage Map
View Large MapCompanyNet AcreagePennWest Exploration665,000ConocoPhillips569,600ExxonMobil/Imperial/Rosneft235,000Talisman Energy230,000All Top Acreage Holders
Neither Here Nor There: Deals To Rise In 2016, Regardless Of Oil Price
Wood Mackenzie predicts the oil market will continue to tighten in 2016, eventually boosting prices in the second half and leading to a pickup in M&A activity.
Canadian Natural To Sell Royalty Assets For C$1.8 Billion
The deal, which involves assets spanning about 5.4 million acres in Western Canada and representing about 6,700 barrels of oil equivalent per day.
Penn West Says Asset Sales Will Help Maintain Debt Covenant
Penn West amended some of its debt covenants earlier in the year after it had trouble meeting some terms related to its cash flow.
Poland’s PKN Orlen Gains North American Foothold
Through its latest takeovers the company will not only add to its holdings in Canada, but also add U.S. producing assets and establish an E&P position on its home turf in Poland.
Pengrowth Will Sell Bodo Property In Alberta
Bodo produced about 2,700 barrels of oil equivalent per day, 87% liquids, on average year-to-date, which ended Aug. 31. The property will sell for CA$95 million.
Gilbert Appointed To Whitecap’s Board Of Directors
Daryl H. Gilbert will also serve on corporate governance and compensation committee and will chair the HSE committee. Gilbert is currently a managing director of private-equity firm JOG Capital Inc.
Traverse Energy Sells Brazeau Royalty Interest
The Brazeau area of Alberta has 10 sections (6,400 acres) containing 22 producing horizontal Cardium oil wells and 1 Notikewin gas well. Traverse sold its royalty interest for CA$9 million.
MacDougall, Causgrove Leave Pengrowth Energy
Marlon MacDougall and James Causgrove will depart and retire, respectively, from Pengrowth Energy Corp. MacDougall will step down as COO. Causgrove will retire July 1 as senior vice president, operations.