Upstream deal markets are heading into territory reminiscent of the conditions seen in the first half of 2020, said Andrew Dittmar, Enverus’ principal M&A analyst.
California’s Trio Petroleum will acquire producing wells in the Lloydminster, Saskatchewan heavy oil region in a deal valued at roughly $1.38 million.
Baytex Energy, in partnership with Gibson Energy, is building midstream infrastructure in the Pembina Duvernay play that is expected to be completed by fourth-quarter 2025.
Whitecap Resources and Veren Inc. will create the largest light oil and condensate producer in the Alberta Montney and Kaybob Duvernay in an all-share combination valued at CA$15 billion (US$10.43 billion).
Calgary, Alberta-based Obsidian Energy is divesting operated assets in the Cardium to InPlay Oil for CA$320 million in cash, equity and asset interests. The company will retain its non-operated holdings in the Pembina Cardium Unit #11.
PrairieSky Royalty Ltd. acquired royalty interests in December and January deals in Alberta and Saskatchewan, Canada.
Ovintiv closed its $2.3 billion acquisition of Paramount Resource’s Montney Shale assets on Jan. 31 after divesting Unita Basin assets for $2 billion last week.
In a swap transaction, Canadian Natural Resources Ltd. will own 100% interest in the Athabasca Oil Sands Project after acquiring a 10% interest from Shell Canada Ltd. in exchange for a 10% interest in carbon capture and storage facilities.
Ovintiv is exiting Utah’s Uinta Basin in a $2 billion sale to FourPoint Resources, which will take over some of the play’s highest quality acreage.
The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.