East River Oil and Gas has signed a companies’ creditor’s arrangement act (CCAA) acquisition and plan sponsorship agreement (PSA) to purchase a 100% stake in Connacher Oil and Gas for C$113.5m ($87.23m).
East River is a US-based oil and gas company, while Connacher is a Canadian oil company involved in exploration, development, production and marketing of bitumen.
The transaction is expected to strengthen East River’s business operations.
Sunoco has acquired Sandford Energy and Sandford Transportation for $66m.
Sunoco funded the acquisition through cash in hand and cash through its revolving credit facility.
Based in the US, Sunoco is an operator of convenience stores and retail fuel sites, while Sandford Energy and Sandford Transportation are both engaged in wholesale fuels distribution business in the US.
The acquisition enables Sunoco to strengthen its core fuel distribution business.
Energy Transfer Equity (ETE) has entered an agreement to purchase the remaining stake in Energy Transfer Partners (ETP).
Unitholders of ETP will receive 1.28 common units of ETE for each common share held.
ETP’s assets include natural gas midstream, intrastate and interstate transportation and storage assets, crude oil, natural gas liquids (NGL) and refined product transportation and terminal assets, NGL fractionation and other marketing assets.
ETE is a US-based midstream company, while ETP owns and operates diversified portfolios of energy assets in the US.
The acquisition is expected to strengthen the balance sheet of the combined organisation by using the distributed cash savings to repay debts.
Pedevco Corp (doing business as Pacific Energy Development) has purchased a 100% interest in Condor Energy Technology.
Condor Energy owns and operates four horizontal wells in the Niobrara formation and a producing acreage of 2,340 net acres. All the assets are located in the D-J Basin in Weld and Morgan counties in Colorado, US.
Pedevco has simultaneously entered an agreement to purchase 23,000 net leasehold acres, all producing operations, the entire existing infrastructure, and certain operating companies from the US subsidiaries of Hunter Oil Corp.
Both based in the US, Pedevco Corp is an energy company, while Condor Energy Technology is an oil and gas company.
The acquisition is expected to strengthen Pedevco’s business operations.
