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Torxen, Schlumberger Jointly Acquire Palliser Property for $1.0B

Announced Date
October 19,2017
Deal Value $
1,000,000,000
Net Acres
800,000
Transaction Type
Property
Buyer
Schlumberger Limited,Torxen Resources
Seller
Cenovus Energy Inc.
Price Per BOE $
40,000
Source Documents:
   Source Link
   Source Link
Location
Region
Canada

Country
Canada

Production
Production
54,000 Boe/d

Production Mix
24 % Liquid


Multiples
Production ($/boe/d)
18,519

$Price/Net Acre
1,250

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Torxen and Schlumberger have agreed to acquire the Palliser Block located in Alberta, Canada, from Cenovus Energy for US$1.0 billion.

Schlumberger will be the majority non-operating owner, with the rights to exclusive service provision and Torxen will be the operator. The oil-focused development strategy includes a multiyear drilling program of more than 1,600 oil wells starting in 2018.

The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network, and approximately 800,000 acres of oil and gas development rights. The asset has current production of approximately 54,000 BOE/d.

The Palliser Block borders the acreage awarded to the Schlumberger Production Management (SPM) and Torxen joint venture established earlier this year.

Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-22-2022 - - Click here British Columbia  E&P
Aug-01-2022 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   E&P
Nov-29-2021 - - Click here Alberta  E&P

Other Canada Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jun-29-2022 - - Click here Alberta  E&P
Nov-29-2021 - - Click here Alberta  E&P
May-24-2021 - - Click here Alberta  E&P
May-18-2021 - - Click here Alberta  E&P
Apr-15-2021 - - Click here Alberta  E&P

Price History


Date Deal Headline Price$/acre
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal -   2,276
Nov-29-2021 CNRL to Acquire Montney-Focused Storm Resources in $960MM Deal -  
May-24-2021 Topaz Acquires Assets From Tourmaline For $347 Million -  

Other Cenovus Energy Inc. Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jul-07-2021 - - Click here Alberta  E&P
May-18-2021 - - Click here Alberta  E&P
Nov-09-2020 - - Click here Alberta  E&P
Oct-25-2020 - - Click here Alberta  E&P
Aug-09-2018 - - Click here   E&P

Other Schlumberger Limited Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jan-31-2020 - - Click here   E&P
Nov-04-2017 - - Click here Texas  E&P
Apr-12-2013 - - Click here Texas  E&P
Apr-12-2013 - - Click here Texas  E&P