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Tamarack Valley to Acquire Anegada Oil for $494 Million

Announced Date
April 12,2021
Deal Value $
494,000,000
Net Acres
205,440
Location Count
200
Transaction Type
Corporate
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Production & Reserves
Production
11,800 Boe/d

Production Mix
71 % Liquid

Reserves
10 MMboe (1P)


Multiples
Production ($/boe/d)
41,864

$Price/Net Acre
2,405

$Price/Adj. Net Acre
107

$1P Boe
49

$/Location
110,000

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Tamarack Valley Energy announced that it is acquiring Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the “GORR“) on the acquired assets.

This deal closed on June 1, 2021.

The total net consideration consists of $247.5 million in cash and debt (net of GORR), subject to adjustment, and approximately 105.3 million common shares of Tamarack at a deemed price of $2.34 per Tamarack Share.

Proved Reserves is 10 Million Barrels of Oil Equivalent with 70% Liquids.

Acquisition Highlights:

  • Approximately 11,800 boe/d of Charlie Lake light oil production (71% oil and natural gas liquids) with annualized operating field netback(2) of ~$135 million
  • Over 200 net future drilling locations
  • 332.4 (321.2 net) sections (212,736 gross acres (147,968 net acres)) of Charlie Lake land
  • PDP 10 MMboe (70% liquids) and total proved plus probable (“TPP”) reserves of 40.1 MMboe (71% liquids) based on Tamarack’s internal reserves evaluation effective June 1, 2021.

Acquisition Metrics

Purchase Price (net of royalty proceeds)

$494 million

Current Production
     Oil and NGL Weighting

11,800 boe/d(1)

~71%

Drilling Locations(4)

224 (207.3 net)

Annualized Operating Field Netback(2)

$135 million

Total ARO (undiscounted, uninflated)

 


Canada Deal Activity In Last 12 Months



Other Canada Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-13-2021 - - Click here Alberta  E&P
Jul-07-2021 - - Click here Alberta  E&P
Jun-11-2021 - - Click here British Columbia  E&P
Jun-07-2021 - - Click here Saskatchewan  E&P
Jun-02-2021 - - Click here Alberta  E&P

Other Canada Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
May-24-2021 - - Click here Alberta  E&P
May-18-2021 - - Click here Alberta  E&P
Apr-15-2021 - - Click here Alberta  E&P
Apr-05-2021 - - Click here Alberta  E&P
Mar-17-2021 - - Click here Alberta  E&P

Price History



Date Deal Headline Price$/acre
May-24-2021 Topaz Acquires Assets From Tourmaline For $347 Million -  
Apr-05-2021 Whitecap Acquires Kicking Horse Oil & Gas for $300 Million -  
Mar-17-2021 Petro Viking Picks Up Duvernay, Viking Mineral Rights -   195

Other Anegada Energy Corp. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Dec-11-2015 - - Click here Alberta  E&P

Other Tamarack Valley Energy Ltd. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-15-2021 - - Click here Alberta  E&P
Mar-08-2021 - - Click here Alberta  E&P
Mar-08-2021 - - Click here Alberta  E&P
Dec-15-2020 - - Click here Alberta  E&P
Jul-10-2020 - - Click here Alberta  E&P