Canadian producers raised C$7.3 billion in the first six months of 2006, down from C$8.5 billion in the similar period in 2005, consisting more of stock issuances and fewer debt and trust-unit placements. Equity amounted to C$4.1 billion of the total, or 56%, according to Calgary-based Sayer Energy Advisors vice president Tom Pavic. “The largest issues included international explorers, entities focused on the oil sands and junior E&P companies, with domestic conventional oil and natural gas production making up the remainder,†Pavic says. The largest equity deal, Pavic notes, was Addax Petroleum Corp.’s initial public offering of C$451 million, he adds. Addax is focused in Africa and the Middle East and is the largest independent producer in Nigeria with production of approximately 74,000 barrels per day. Other large stock issuers were First Calgary Petroleum Ltd., with operations in Algeria, raising C$141 million, and Falcon Oil & Gas Ltd., with operations in Hungary and Romania, raising C$100 million. North American Oil Sands Corp. raised C$325 million for its oil-sands business, he adds, and Connacher Oil and Gas Ltd. raised C$100 million to buy Luke Energy Ltd. and an oil refinery in Montana. For more on this, see the September issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
Recommended Reading
Occidental Explores Sale of Permian Assets Worth Over $1B, Sources Say
2024-05-03 - Occidental Petroleum is exploring a sale of assets in the Barilla Draw region of Texas, which is located within the Delaware portion of the Permian Basin.
Permian M&A: Oxy Shops Delaware Assets, Family Oil Cos. Stand Out
2024-05-10 - As operators scour the Permian Basin for M&A opportunities, they’re keeping an eye on a tepid divestiture market. Family-owned oil companies also stand out among the pack of private inventory holders remaining in the Permian, according to Enverus Intelligence Research.
EIA: E&P Dealmaking Activity Soars to $234 Billion in ‘23
2024-03-19 - Oil and gas E&Ps spent a collective $234 billion on corporate M&A and asset acquisitions in 2023, the most in more than a decade, the U.S. Energy Information Administration reported.
CEO: FireBird II Prowls Western Midland Basin for M&A, Deep Exploration
2024-05-23 - After selling the first FireBird Energy to Diamondback for $1.6 billion, the FireBird II team is adding leases and scaling oil production in the western Midland Basin, CEO Travis Thompson said at Hart Energy’s SUPER DUG Conference & Expo.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?