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One-Page Deal Sheet

Cenovus to Sell Heritage Subsidiary in Deal Worth $3.3 Billion

Ontario Teachers Pension Plan Cenovus Energy Inc.
AnnouncedJun 30, 2015
TypeProperty
Announced Date
June 30,2015
Effective Date
April 01,2015
Close Date
July 30,2015
Transaction Type
Property
Enterprise Value (EV)($MM)
3300




Snapshot
Asset/Basin:
{"Western Canada Sedimentary Basin"}
Net Acres
Require Private Equity Subscription
Location
Region
Canada

Country
Canada


Calculated Metrics( EV/Category)
$/ Acre
Require Private Equity Subscription

Transaction Details:  Require Private Equity Subscription

Cenovus Energy Inc. has reached an agreement to sell Heritage Royalty Limited Partnership, a wholly-owned subsidiary, to Ontario Teachers’ Pension Plan for gross cash proceeds of approximately $3.3 billion.

HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba.

In the first quarter of 2015, HRP had associated third-party royalty interest volumes of approximately 7,800 barrels of oil equivalent per day (BOE/d). Additional royalties have also been added to HRP – a royalty on Cenovus’s working interest production…


Source : Require Private Equity Subscription

Canada Deal Activity In Last 12 Months


Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
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Aug-22-2022 - - Click here British Columbia  E&P
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Nov-04-2025 - - Click here Alberta  E&P
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Jun-29-2022 - - Click here Alberta  E&P
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Other Canada Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
May-14-2021 - - Click here Saskatchewan  E&P
Dec-09-2020 - - Click here Saskatchewan  E&P
Sep-01-2020 - - Click here Saskatchewan  E&P
Nov-14-2019 - - Click here Saskatchewan  Midstream
Sep-03-2019 - - Click here Saskatchewan  E&P

Price History


Date Deal Headline Price$/acre
Nov-04-2025 Ovintiv Acquires NuVista Energy for $2.7B, Establishing Premier Montney Position -   19,286
Nov-06-2024 Ovintiv to Acquire Montney Assets from Paramount for $2.377 Billion in All-Cash Deal -   21,101
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal -   2,300