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CNRL Acquires Montney Player Painted Pony in $460MM Deal

Announced Date
August 10,2020
Deal Value $
Net Acres
Transaction Type
Source Documents:
   Source Link



Production & Reserves
319 Mmcfe/d

Production Mix
85 % Gas

6.8 Tcfe (2P)

Production ($/Mcfe/d)

$Price/Net Acre

Adj. $/acre is based on production @2,000 Mcfe/d

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
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

Price History

Date Deal Headline Price$/acre
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal - -
Nov-29-2021 CNRL to Acquire Montney-Focused Storm Resources in $960MM Deal - -
Jun-11-2021 Tourmaline Acquires Montney-Focused Black Swan Energy - -

Other Canadian Natural Resources (CNRL) Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-29-2021 - - Click here Alberta  E&P
May-29-2019 - - Click here   E&P
Aug-31-2018 - - Click here Alberta  E&P
Sep-05-2017 - - Click here Alberta  E&P
Mar-09-2017 - - Click here Alberta  E&P