Teine Energy Ltd. Announces Significant Asset Acquisition

Source Press Release
Company Teine Energy Ltd.Obsidian Energy Ltd. 
Tags Corporate Updates, Asset Deals
Date June 10, 2016

Teine Energy Ltd. ("Teine" or the "Company") is pleased to announce that it has entered into an agreement to purchase oil assets ("Assets") in South Western Saskatchewan for cash consideration of $975 million.  The acquisition includes a core position within the Saskatchewan Viking light oil play as well as low decline heavy oil properties currently under water flood. The transaction will add significant production, reserves, and undeveloped land to the Company's dominant position within the Saskatchewan Viking light oil play.   

Teine is acquiring approximately 16,300 boe/d (91% liquids) of production as of the first quarter of 2016, estimated proved plus probable reserves of approximately 53.2MMboe(1)  (91% liquids), and approximately 410,000 net acres of undeveloped land.

The transaction will be funded by Canada Pension Plan Investment Board ("CPPIB") and the Company's existing credit facilities. CPPIB has been an investor in Teine since June, 2010.

J.P. Morgan Securities, LLC acted as financial advisor to Teine on this transaction.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd