Independent energy resources development firm Pacific Oil and Gas (PO&G) has completed the acquisition of all the issued and outstanding shares of Canbriam Energy.
As part of the closing of the transaction, PO&G issued a conditional redemption notice to the holders of its senior notes due 2019, to retire the notes.
PO&G president Ratnesh Bedi said: “We welcome the Canbriam team to Pacific Oil and Gas.”
“Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through international export.”
Canbriam president and chief executive officer Paul Myers said: “We are pleased to close this acquisition and look forward to a seamless integration with Pacific Oil and Gas.
“We expect to continue to responsibly develop our prolific, low-cost Montney resource to support future natural gas export opportunities in Canada.”
Macquarie Capital Markets Canada acted as exclusive financial adviser to PO&G while Bennett Jones was appointed as legal counsel for the transaction.
RBC Capital Markets was appointed as financial adviser to Canbriam and Norton Rose Fulbright acted as legal counsel for the transaction.
In May, PO&G signed an agreement to purchase all of the issued and outstanding shares of Canbriam Energy.
The value of the transaction has not been disclosed.
Exploration and production company Canbriam is involved in liquids-rich natural gas development in the Altares and Kobes Montney regions of north-east British Columbia, Canada.
PO&G owns the planned Woodfibre LNG export-terminal project in Canada. The project is currently in the pre-construction phase.
The company plans to use renewable hydroelectricity to power the Woodfibre LNG facility.
Last September, PO&G’s subsidiary Woodfibre LNG Export reached an agreement with CNOOC Gas and Power Trading & Marketing for the potential offtake of LNG.
