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Canadian Acquirer | PLS April 6, 2017 • Volume 26, No. 05 CANADIANACQUIRER Serving the marketplace with news, analysis and business opportunities Cenovus scores Conoco oil sands, Deep Basin assets for $18B Painted Pony's Montney Cenovus Energy will double its size through the acquisition of ConocoPhillips’ buy ‘fits like a glove’ non-operated 50% WI in the Foster Creek Christina Lake (FCCL) partnership and Deep Painted Pony Petroleum’s Montney Basin conventional assets in Alberta and British Columbia, with combined forecast position in northeast British Columbia has 2017 production of ~298,000 boe/d. The $17.7 billion deal, expected to close in Q2, widened through its $229.6 million acquisition consists of $14.1 billion in cash and 208 million Cenovus shares. of Unconventional Resources Canada—a Conoco maintains its Canadian presence through its operated 50% subsidiary of ARC Financial WI in the Surmont oil sands JV and its Corp. and EnCap Investments operated 100% WI Blueberry-Montney Divested assets had a net book value of ~US$10.9 billion at YE16. portfolio company UGR Blair unconventional acreage position. Creek. The deal increases Painted Pony’s The move marks the 14th multinational exit or major scale back from the oil sands Montney acreage by ~52% to 314 net sections since 2014 and the largest global upstream deal since Shell announced its US$82.7 billion (201,009 net acres) and expected 2017 acquisition of BG in 2015. It also further concentrates Canadian oil sands ownership after Canadian Natural Resources Ltd. gained Shell and Marathon Oil assets earlier Painted Pony 220.2 MMcfe/d Q4 this year. With ~440,000 bbl/d of capacity post-deal, Cenovus will be the third-largest oil production up 144% from 4Q15. sands producer by 2020, behind Suncor Energy and CNRL. Continues On Pg 4 annual average daily production by 12% to Pengrowth sheds Montney assets in 2 deals for $272MM 290 MMcfe/d with exit production of Pengrowth Energy divested more Montney assets last month in two separate ~447 MMcfe/d. UGR’s current production is deals worth a total of $272 million. In the first divestiture, announced March 20, over 51 MMcfe/d. Pengrowth said it will sell some of its Swan Hills assets in north-central Alberta to UGR’s assets “fit like a glove” with a private company for $180 million. Painted Pony’s existing asset base, the In the second deal, announced three days later, Pengrowth will company said. Several of the natural gas sell its non-producing Montney lands at Bernadet in northeast British producer’s most prolific Montney wells Columbia for $92 million. were drilled on the Daiber area lands that Pengrowth sold 4.0% royalty in Both moves support the company’s are contiguous with UGR acreage or held Lindbergh to PrairieSky in January. focus on its remaining core assets, jointly with UGR. Continues On Pg 6 principally the Lindbergh SAGD thermal project in east-central Alberta. The sales come after CEO Derek Evans said in February that all of the company’s assets DEALS FOR SALE are available for sale as it continues to pursue its divestment strategy. The Swan Hills assets generated 4,920 boe/d (82% liquids) in 4Q16 and had 2P reserves of CENTRAL ALBERTA SALE PACKAGES 10 Separate Packages. 31 MMboe as of Dec. 31. Continues On Pg 13 OPERATED & NonOperated Assets PP Net Production: 414 BOED (261 BOPD) Trican buys Canyon Services Group for $676 million Net Cash Flow: $338,660 per Month AGENT WANTS OFFERS APRIL 27, 2017 Trican Well Service Ltd. will acquire Canyon Services Group, creating PP 13960PKG a combined company with 675,000 hhp of fracking capacity and a market capitalization of $1.4 billion. The deal combines each company’s cementing, coiled SOUTHERN ALBERTA ASSET SALE tubing, nitrogen, industrial and fluid management services provided to operators in 116,406-Gross Acres. Western Canada. JOFFRE, DELBURNE & PP Trican will acquire all Canyon shares on a 1.70 common MAPLE GLEN AREAS 30% NONOP WI AVAILABLE FOR SALE shares basis for a total price of $676 million, including the assumption of $40 Oct 2016 Net Production: 582 BOPD NONOP million in debt. Trican and Canyon 2016 Net Operating Income: $158,333/Mn 40% of Trican’s fracking capacity was shareholders will respectively own 56% Proved Reserves: 2,748 MBOE parked at the beginning of March. and 44% of the combined company after AGENT WANTS OFFER APRIL 13, 2017 PP 13043 the expected close of the deal in 2H17. Trican CEO Dale Dusterhoft said, “This combination with Canyon will create a Western Canadian-based leading energy NORTH DAKOTA DEVELOPMENT services firm that has the asset base, efficient cost structure and financial capacity to MIDALE PLAY (HZ Application) create value for all of our combined stakeholders.” NonOperated WI For Sale L Canyon’s core business is providing fracking services, which comprise more Operated Acreage Also Available than 80% of its operations. This fits well with Trican, which generated 58% of its CONTACT PLS ENERGY ADVISORS L 9010PP 2016 revenue from the same segment. Continues On Pg 9 All Standard Disclaimers & Seller Rights Apply. CANADIANACQUIRER 2 April 6, 2017 A&D ■ Perisson Petroleum served notice of termination to Forent Energy Ltd. Blackbird secures more Montney rights from Knowledge regarding the March 4, 2016, agreement Blackbird Energy has made its third acquisition in two months in the Montney that would have seen Perisson acquire near its Elmworth/Pipeline core assets. In the latest deal, the company acquired two the company for sections of Montney rights from Knowledge Energy for ~1.9 Blackbird shares. These $11.6 million in an all- lands are contiguous with Blackbird’s existing assets and increase its Montney rights stock deal. Perisson at Elmworth/Pipestone to 116 gross sections (100.9 net). also served Forent with notice of collapse That deal followed two acquisitions from Paramount Resources of the April 27 trust agreement under earlier this year. The first saw Blackbird gain 5.8 net (12 gross) of which Forent had been acting as operator Montney rights for $2.9 million. In the second April 15, 2016 of Perisson's oil and gas properties in the deal, it acquired 3.1 net sections (13 gross) for $3.4 CANADIAN SCOUT Twining area of Alberta. Perisson has Serving the Canadian upstream industry with information, analysis & prospects for sale Volume 25, No. 05 million, adding 25-74 net (104-132 gross) drilling Painted Pony Petroleum keeps up drilling pace Regional Activity Painted Pony Petroleum is one of the and down 2% YOY. The company also has April 2016 Top 10 Alberta few companies with a stepped-up drilling 3 MMcfe/d of production shut in on low Operators by License Count accordingly demanded that the registered program this year, with the 13 wells (100% commodity prices. Painted Pony expects Devon NEC Corp 51 WI) drilled YTD more than twice the six Q2 volumes to average 93-99 MMcfe/d. CNRL 18 wells it drilled in 1Q15. Nine locations south of the Wapiti River. The 13 wells drilled YTD more than Cenovus FCCL Ltd 5 wells have been completed this Canadian Scout Mar.twice the six wells drilled13 in 1Q15. Jupiter Resources Inc 2 year compared with five at this Vesta Energy Ltd 1 interest in the properties be transferred to point last year. It plans 14 completions in Painted Pony is trimming its Camfield Groundwater Services Ltd 1 H1 and 30 completions for the year. capital program to $179 million, down The new assets will support Blackbird's Total 78 Painted Pony’s volumes in Q1 9% from the $197 million budget it Devon causes spike in permitting activity, averaged 96 MMcfe/d, up 3% sequentially released in January. Continues On Pg 4 gaining 51 permits at the beginning of April. Blackbird rampsTamarack Valley Elmworth/Pipehits production records in 4Q15 - Perisson as beneficial owner. Permits by Formation Tamarack Valley Energy hit record drilling and completion design changes, production of 9,968 boe/d (61% oil and lower services costs and better well processing and takeaway commitments once an Licenses by Zone Apr Mar Feb NGLs) in 4Q15, up 14% sequentially performance in the Wilson Creek and McMurray Fm 56 8 38 and 30% YOY thanks Alder Flats areas of Alberta. stoneDina Mbr assets16 11 2 past 1,500 boe/d. to a successful drilling ■ Saturn Oil + Gas closed the Spirit River Fm 2 2 7 program in the second half of the year. Increased efficiencies on permanent Quaternary System 2 - 4 drilling and completion-design changes. eastern pipeline gathering system is constructed. Duvernay Fm 1 34 7 Volumes for the year averaged 8,448 Milk River Fm 1 1 1 boe/d, up 48% from 2014 volumes. The During the first part of 2015, Grand Rapids Fm - 11 2 company also surpassed its exit rate Tamarack Valley halted drilling and Wilrich Mbr - 10 9 target of 9,500-9,700 boe/d on capital instead focused on D&C well redesigns, acquisition of 640 acres of Viking oil Montney Fm - 8 12 spending of $107.4 million, down which resulted in permanent cost Other - 40 55 15% lower at midpoint than guidance reductions that enabled the company Total 78 125 137 of $125-130 million. It saw increased to sustain its operations despite Source: PLS Research capital efficiencies thanks to permanent lower oil prices. Continues On Pg 6 land in the greater Kindersley area of Painted Pony Charges Toward Growth Despite Low Prices DEALS FOR SALE 50,000 500 Annual Average Daily Producon per 1 Million Weighted-Average Shares 475 WESTERN ALBERTA ASSETS Leucrotta expands Montney core in $36 millionOil & NGLs deal ~65-Net Wells.
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