One-Page Deal Sheet
Progress Energy Acquires Additional Montney Acreage
Progress Energy Resources Corp Not Disclosed
Announced Date
February 27,2009
Effective Date
February 25,2009
Close Date
February 25,2009
Transaction Type
Property
Enterprise Value (EV)($MM)
13
Location
Calculated Metrics( EV/Category)
Region
Canada
Country
Canada
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
Progress Energy Resources has acquired 41,500 net undeveloped acres of Montney rights at the February 25, 2009 British Columbia land sale. The acquired lands are immediately adjacent to the Company's current Montney holdings in the Foothills.
At the land sale, Progress invested $13.2 million to acquire Montney and other rights on 16,620 hectares of land at a competitive cost of $792 per hectare or $319 per acre. Progress now holds 790,000 net undeveloped acres of Montney rights including the recently negotiated 45 net section farm-in in the Foothills.
Progress drilled one horizontal and three…
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