Deals - Acquisition, Mergers, Divestitures
Chinese Company Snaps Up Cardium Oil Producer
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On 19th June, 2014, the Group entered into an arrangement agreement to acquire Baccalieu Energy Inc. in Canada at the consideration of CAD236 million. The Group gets access to the North American oil and gas upstream market, becoming an international energy company with vertically integrated business structure.
Baccalieu Energy is a Canadian oil and gas producer focused on the highly economic Cardium light oil resource play. Baccalieu Energy holds interests in 181 gross sections (c.469 square kilometers) of land (50% undeveloped) including 139 gross sections (c.360 square kilometers) with Cardium rights and with operations in four main areas namely Pembina, Ferrier, Sylvan Lake and Harmattan of west central Alberta, Canada
In addition, Baccalieu Energy owns and operates approximately 200…
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