IPC's acquisition of Cor4 Oil Corp. is expected to be complete by first-quarter 2023 and remains subject to regulatory approvals. (Source: Shutterstock)
International Petroleum Corp. (IPC) announced in a press release on Feb. 6 the proposed acquisition of Cor4 Oil Corp., a private company in Southern Alberta, Canada, for asset consideration of CA$84 million (US$62 million).
The acquisition’s inventory includes drilling locations close to current IPC operations, with total proved plus probable reserves of 15.9 MMboe as of Dec. 31. Forecasted average net production for 2023 is 4,000 boe/d.
This acquisition brings IPC’s drilling inventory to over 25 different locations on the Ellerslie play fairway, extending from the company’s Suffield asset to a recent acquisition closed in 4Q 2022 to the Cor4 acquired property. IPC plans to drill six more wells in 2023 after the closing of the acquisition.
IPC Canada Ltd. and Cor4 have agreed to offer Cor4 shareholders the opportunity to purchase all of the issued and outstanding Cor4 common shares and options and warrants convertible to Cor4 common shares based on the CA$84 million (US$62 million) asset consideration.
The acquisition is expected to be complete by first-quarter 2023 and remains subject to regulatory approvals.
IPC is an international oil and gas E&P with assets in Canada, Malaysia and France.
Recommended Reading
CorEnergy Sees ‘High’ Interest in Marketed Pipeline Systems
2023-03-22 - CorEnergy Infrastructure Trust Inc. is marketing its Omega Pipeline Co. and MoGas Pipeline LLC systems as it looks to deleverage.
A&D Minute: Could Crude Transportation Safety Improve with Railway Mega-merger? [WATCH]
2023-03-22 - Also in this week's A&D Minute, Principal Solar plans on buying the century-old Minerva-Rockdale oil field and New Fortress Energy is divesting its interest in a floating LNG facility.
Energy A&D Transactions from the Week of March 22, 2023
2023-03-22 - Here’s a snapshot of recent energy deals, including Canadian Pacific Railway’s $27 billion acquisition of Kansas City Southern, the only single-line crude-by-rail railroad connecting Canada, the U.S. and Mexico.
Marketed: Discovery Oil LLC 18 Well Package
2023-03-21 - Discovery Oil LLC has retained EnergyNet for the sale of an 18 well package, non-operated WI and ORRI, in Richland County, Montana and Dunn, McKenzie, and Williams Counties, North Dakota.
Marketed: Jura Energy South Texas Operated Sale Package
2023-03-21 - Jura Energy has retained Energy Advisors Group for the sale of South Texas operated assets in Duval, Jackson, and Victoria Counties.