Montney M&A, Eh?

Tourmaline strengthens its Montney position with $947mm Crew Energy acquisition; Investors cut their petroleum positions to the lowest level for at least a decade; Ohio opens another wildlife area to fracking, reflecting the state's continued push for oil and gas development despite environmental concerns; Crude oil prices soar above $80 due to rising tensions in the Middle East, indicating potential market volatility ahead.

Author

Rob Quigley
August 13, 2024

by VSO Petroleum Consultants. Oil and Gas industry news for those in the deal flow (Investors and A&D Professionals). Your daily source for the latest A&D/M&A news, industry news, and expert interviews.

First Things First:

Tourmaline Oil strengthens its Montney Shale position with a $947 million acquisition of Crew Energy. This strategic move could redefine the Montney landscape.

Canada’s Tourmaline Oil dominates Montney shale with $947 million Crew Energy acquisition

The acquisition includes existing low decline average base production of 29,000 – 30,000 boed, externally and independently evaluated proved and probable ("2P") reserves of 473.2 MMboe, and an extensive drilling inventory, including over 700 Tier 1 locations (246 net Montney locations booked in the Sproule Report 2P reserve category).

www.worldoil.com/news/2024/8/12/canada-s-tourmaline-oil-dominates-montney-shale-with-947-million-crew-energy-acquisition

Investors cut their petroleum positions to the lowest level for at least a decade.(Reuters)

Ohio opens another wildlife area to fracking, reflecting the state's continued push for oil and gas development despite environmental concerns.(Cleveland)

Crude oil prices soar above $80 due to rising tensions in the Middle East, indicating potential market volatility ahead.(Rigzone)

VSO is the go-to consulting firm for buy-side technical due diligence. We can handle all your technical evaluations or can be your spare capacity when you need overflow help. If you’re in the deal flow, let’s work together.

Daily Headlines

  • Investors cut their petroleum positions to the lowest level for at least a decade.(Reuters)

  • Chevron pioneers ultra-high-pressure oil field technology.(Reuters)

  • Ohio opens another wildlife area to fracking for oil and gas.(Cleveland)

  • Crude oil rises above $80 amid Middle East tensions.(Rigzone)

Deal Flow

M&A/Investment

  • Tourmaline Oil acquires Crew Energy for $947 million, expanding its Montney Shale presence.(WorldOil)

  • Talos Energy acquires interest in Gulf of Mexico Monument Discovery, expanding offshore assets.(OGJ)

  • Enservco sells Colorado-based assets to HP Oilfield Services to streamline operations.(Hart Energy)

  • Nigerian billionaire signs major gas deals with Venezuela, expanding energy footprint.(UpstreamOnline)

IPO/Direct Listing/Issuances/Block Trades

  • Occidental Announces Launch of Secondary Offering to Raise Capital.(Oxy)

  • Western Midstream Announces Secondary Public Offering of Common Units.(Westernmidstream)

Debt

  • Archrock offers $500 million in secured notes, strengthening its financial position.(Hart Energy)

  • Saipem launches buyback for up to $186 million shares, aiming to boost shareholder value.(Rigzone)

SPAC

  • No deals match this criterion.

Bankruptcy/Restructuring/Distressed

  • No deals match this criterion.

Fundraising

  • Chariot Oil & Gas secures oversubscribed funding round to expand its operations.(TipRanks)

  • Sunda Gas enters funding discussions with Pacific LNG for Chuditch PSC offshore Timor-Leste.(Natural Gas World)

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