Corporate M&A

Cona Resources Completes Acquisition of Pengrowth Energy

By Shriya Bhargava
January 07, 2020
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Pengrowth Energy Oil Storage

Canadian heavy oil producer Cona Resources Ltd. has completed its CA$740 Million acquisition of Pengrowth Energy Corp. With the closing of the transaction, Cona becomes the largest privately-owned heavy oil producer in North America, with production of 35,000 barrels of oil equivalent (boe) per day from its portfolio of heavy oil assets in south-west Saskatchewan, in addition to the Lindbergh thermal oil project in Alberta, and the Groundbirch Montney natural gas project in British Columbia that were acquired as part of the transaction. In November 2019, Cona, a portfolio company of Waterous Energy Fun, had entered into a definitive arrangement agreement to acquire Pengrowth Energy by way of a plan of arrangement under the Business Corporations Act (Alberta). Perella Weinberg Partners and Tudor, Pickering, Holt & Co. acted as financial advisors to Pengrowth, while CIBC World Markets and AltaCorp Capital acted as financial and strategic advisor, respectively, to Cona.

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