Hong Kong's Pacific Oil & Gas to buy Montney-focused Canbriam Energy
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Hong Kong-based Pacific Oil & Gas Ltd. agreed to buy Canadian exploration and production company Canbriam Energy Inc. through an exempt takeover bid for an undisclosed sum.
Canbriam owns assets in the Montney region of British Columbia that produce about 200 MMcf/d of natural gas, including 6,000 barrels per day of associated NGLs, according to a May 13 news release. Under the agreement, Canbriam will sell its fully owned and operated natural gas processing plants and water handling infrastructure in British Columbia to Pacific Oil & Gas.
The transaction received unanimous approval from Canbriam's board. Officers, directors and significant shareholders that represent more than 90% of the outstanding Canbriam shares signed support and lock-up agreements in favor of the deal.
Pacific Oil & Gas will mail its takeover offer to Canbriam security holders before May 21. The deal is scheduled to close before July 1.
"This transaction supports ongoing development of our prolific Montney assets and aligns us for future natural gas export," Canbriam President and CEO Paul Myers said.
Macquarie Capital Markets Canada Ltd. is the exclusive financial adviser to Pacific Oil & Gas, and Bennett Jones LLP is its legal counsel. RBC Capital Markets is the financial adviser to Canbriam, and Norton Rose Fulbright Canada LLP is its legal counsel.
Pacific Oil & Gas is an independent developer of energy resources that owns the planned Woodfibre LNG export terminal in British Columbia, which is in the preconstruction phase.