Paramount Energy Trust, Calgary, (Toronto: PMT.UN) has closed the acquisition of a private company active in gas exploration and development in east-central Alberta for total consideration of approximately C$92 million, consisting of C$90 million in cash and the assumption of approximately C$2 million of net debt. The acquisition was funded through Paramount's available credit facilities. The acquisition includes an estimated 9.5 million cubic feet of gas per day of production. The acquired company is 100% gas-weighted by production with a 98% working interest in approximately 54,600 net undeveloped acres and a proved-plus-probable reserve-life index estimated at 5.7 years. The properties included in the acquisition have more than 50 defined prospects. BMO Nesbitt Burns Inc. was advisor to Paramount.
Recommended Reading
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
Mesa III Reloads in Haynesville with Mineral, Royalty Acquisition
2024-04-03 - After Mesa II sold its Haynesville Shale portfolio to Franco-Nevada for $125 million late last year, Mesa Royalties III is jumping back into Louisiana and East Texas, as well as the Permian Basin.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
2024-05-09 - Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.