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CNRL to Acquire Montney Player Painted Pony in $460MM Deal

Announced Date
August 10,2020
Deal Value $
461,000,000
Net Acres
186,727
Transaction Type
Corporate
Buyer
Seller
Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play


Production
Production
319 Mmcfe/d

Production Mix
85 % Gas


Multiples
Production ($/Mcfe/d)
1,445

$Price/Net Acre
2,469

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 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)

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.

 

 

Canada Deal Activity In Last 12 Months



Other Canada Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-01-2020 - - Click here Alberta  E&P
Jul-22-2020 - - Click here British Columbia  E&P
Jul-10-2020 - - Click here Alberta  E&P
Apr-28-2020 - - Click here Alberta  E&P
Feb-24-2020 - - Click here British Columbia  E&P

Price History



Date Deal Headline Price$/acre
Jul-22-2020 ConocoPhillips Bolts-On Montney Property for $390MM Cash $390.00  Million
Feb-24-2020 Tourmaline Acquires Montney-Focused Polar Star $9.00  Million
Feb-24-2020 Tourmaline Bolts On Montney Acreage for $49 Million $49.00  Million 5,889

Other Canadian Natural Resources (CNRL) Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
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
Nov-10-2015 - - Click here Saskatchewan  E&P