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One-Page Deal Sheet

CNRL Acquires Montney Player Painted Pony in $460MM Deal

Not Disclosed Not Disclosed
AnnouncedAug 10, 2020
TypeCorporate
LocationMontney Shale
Announced Date
August 10,2020
Close Date
October 08,2020
Transaction Type
Corporate
Enterprise Value (EV)($MM)
461




Snapshot
Asset/Basin:
["Montney"]
TargetZones:
["Montney"]
Net Acres
186,727
Proved Reserves
6.8 Tcfe

Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play
Montney Shale


Production & Reserves
Production
319 Mmcfe/d

Production Mix
85 % Gas

Reserves
6.8 Tcfe (2P)


Calculated Metrics( EV/Category)
$/ Flowing
1,445,141

$/ Acre
2,469

Production ($/Mcfe/d)
1,445

Transaction Details: 

Canadian Natural Resources Ltd. has signed a deal to acquire Painted Pony Energy Ltd. for $461 million in cash ($0.69 per share).

This deal closed on October 8, 2020.

This includes the assumption of Painted Pony’s total debt of approximately $350 million.

Painted Pony Assets

  • Acreage: 186,727 net acres in the Northeast British Columbia areas of Blair, Daiber, Kobes and Townsend (according to Painted Pony's website)
  • Current Production: Approximately 270 million cubic feet per day of natural gas and 4,600 barrels per day of NGLs (~319 Mmcfe/d as of Q1 2020)
  • Reserves: 6.8 Tcfe (2P)

In commenting on the acquisition, Canadian Natural’s President, Tim McKay stated, “This acquisition further strengthens Canadian Natural’s natural gas assets and production base in key operating areas and complements the Company’s diversified portfolio. This transaction also allows us to further insulate against natural gas costs in our oils sands operations and has minimal impact on the Company’s low overall corporate decline rate.  We look forward to working together with the staff currently employed by Painted Pony.”

The transaction is targeted to close in late Q3 or early Q4, 2020.

 

 


Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-06-2024 - - Click here Alberta  E&P
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

Price History


Date Deal Headline Price$/acre
Nov-04-2025 Ovintiv Acquires NuVista Energy for $2.7B, Establishing Premier Montney Position - -
Nov-06-2024 Ovintiv to Acquire Montney Assets from Paramount for $2.377 Billion in All-Cash Deal - -
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal - -