Kaisen Energy Corp. and Kern Energy Partners formed a strategic partnership to fund development of existing assets and support future acquisition opportunities, Kaisen said Nov. 23. The partnership was formed through Kern’s private equity investment in Kaisen.
The management team of Kaisen, formed in 2013, has experience with conventional oil in the Western Canadian Sedimentary Basin, in the Lone Rock and Edam areas of the Saskatchewan heavy oil fairway. The company's assets contain a significant drilling inventory of horizontal wells and longer-term EOR opportunities. The working interest land base contains more than 200 million barrels of original oil in place.
Cameron King is its president and CEO; Jeff Holmgren is senior vice president and CFO; Chris McGinnis is vice president of operations and engineering and Andy Kramchynski is vice president of exploration and geology.
Dave Pearce, the deputy managing partner of Kern, Chris Hooper, the managing director of Kern and Richard Ramsay, the COO of Baytex Energy, have joined the board of directors alongside existing directors Evan Hazel, chairman, Ed Chwyl, Lowell Jackson and Cameron King.
Kaisen Energy Corp. and Kern Energy Partners are both based in Calgary, Alberta.
By the time the divestitures close, Range CEO Jeff Ventura said the oil and gas producer will have executed a $1 billion reduction in debt over the past year.
Measure will reduce greenhouse gas emissions to zero by 2050; state also awards two wind power contracts.
Additionally, Mark Papa will become chairman of the Schlumberger board as Paal Kibsgaard, the company’s current CEO and chairman, retires.