After a quiet month of new listings in August, September 2017 saw an apparent rejuvenation in the market, at least in terms of production, with a total of 9,621 boe per day put up for sale in Canada via publicly disclosed assets for sale, according to CanOils’s latest M&A review, which can be downloaded here.

Source: CanOils M&A Review, September 2017

The total falls just below the average monthly listings total over the past 12 months of 14,986 boe per day. The vast majority of the September listings production total is comprised of receivership sales from Lexin Resources Ltd. and Dundee Energy Limited Partnership. Both of these companies are gas-weighted and have therefore benefitted little from the relatively stable oil price during 2017.

Lexin Resources Ltd. represented the largest listing of the month when its receiver, Grant Thornton, retained Sayer Energy Advisors to advise on the sale of all of the company’s assets, which are located in Alberta and were capable of producing over 7,200 boe per day before receivership impacted operations.

Dundee Energy Limited Partnership, wholly-owned by Dundee Energy Limited, has initiated a sale solicitation process for its Ontario assets. The sale is part of insolvency proceedings with FTI Consulting Canada Inc. appointed as trustee. The assets produce almost 2,200 boe per day in the first half of 2017.

Cenovus Energy Inc. is still listing the largest two asset packages currently available for sale in Canada, as it seeks to balance the books following its C$17.7-billion acquisition of ConocoPhillips’s interest in the Foster Creek Christina Lake Partnership along with Deep Basin assets in May.

Largest asset packages currently listed for sale in Canada

Source: CanOils M&A Review, September 2017

Eoin Coyne provides a round-up of all assets listed for sale and the largest packages currently on the market every single month as part of the CanOils upstream M&A review. To download the latest of these free reports, which is focused on all upstream deals in September and last month’s E&P asset listings, click here.