Paramount Raises Stake in NuVista Energy
Paramount Resources Ltd. has acquired an additional ~7.7% stake in TSX-listed E&P company NuVista Energy Ltd. through a block trade, for a purchase price of approximately C$10.6 million. As a result, Paramount now beneficially owns and controls a ~17.6% stake in NuVista.
Prior to the transaction, Paramount held a 9.94% stake in NuVista. Following the purchase, it now owns nearly 39.8 million common shares, representing a 17.61% stake.
Calgary-based NuVista Energy is engaged in operations in Western Canada, with a primary focus on the condensate-rich Montney formation in the Wapiti area of the Alberta Deep basin. The company reported 1P reserves of approximately 353.4 million barrels of oil equivalent as of December 31st, 2019, of which 66% was gas. Average daily production during Q2-2020 was around 50,922 barrels per day.
TSX-listed Paramount Resources is focused on the exploration and development of unconventional and conventional petroleum and natural gas resources in Alberta and British Columbia.