Tourmaline Oil is adding about 30,000 boe/d of Montney Shale production with its acquisition of Crew Energy.
Canada’s Montney Shale play has already attracted U.S. companies Ovintiv, Murphy and ConocoPhillips while others, including private equity firms, continue to weigh their options.
ARC Resources did not provide additional information on the divested assets, which the company said had results in proceeds of $59.2 million.
Tourmaline Oil is adding high-quality drilling locations in Canada’s Montney Shale with the CA$1.3 billion (US$950 million) acquisition of Crew Energy Inc.
ConocoPhillips reported a notable uplift in Eagle Ford Shale production during the second quarter, while volumes in the Permian, Bakken and Canada’s Montney Shale also grew.
Ovintiv management reported its on track to generate $1.9 billion in 2024 free cash flow but skirted a question about the company’s possible pursuit of Midland Basin E&P Double Eagle.
Calgary-based Advantage Energy is acquiring undeveloped inventory and around 14,100 boe/d of production in a CAD$450 million (USD$326.77 million) deal with a private seller.
The dust has settled on acquisitions, and the leading players have publicized five-year plans that demonstrate a commitment to increasing production from Canada’s premier shale plays.
Crescent Point is extending its premium drilling inventory in the Alberta, Canada, Montney Shale with a roughly US$1.86 billion (CA$2.55 billion) acquisition of Hammerhead Energy.
The largely untapped potential of Canadian shale is a draw for investors.