CanOils Analysis: Receivership Sales Dominate Latest Canadian Assets Review

A total of 622 boe per day was put up for sale in Canada via publicly disclosed assets for sale in June in a quiet month dominated by receivership sales. In the previous 12 months the average monthly production listed for sale totalled just over 14,000 boe per day with a minimum monthly total during that timeframe of 1,500 boe per day.

The average number of public listings in the same timeframe totalled eight, which contrasts with June’s count of just four listings, three of which were via receivership processes. Further details are available via Canoils’s latest M&A report for June.

The lack of new listings in June means that Cenovus Energy Inc. (TSX:CVE) still has the two largest asset packages currently on the market. The company is looking for buyers in the Suffield, Anderson and Pelican Lake areas of Alberta after completing the largest of March’s huge oilsands acquisitions in a C$17.7 billion deal with ConocoPhillips (NYSE:COP).

Cenovus is being assisted in these sales by BMO Capital Markets, CIBC Capital Markets and Barclays Capital Canada. Canada’s other largest asset packages currently up for sale include the oilsands assets of Connacher Oil & Gas Ltd., Charlie Lake light oil production owned by Birchcliff Energy Ltd. (TSX:BIR) and certain western Canadian assets held by NAL Resources Ltd., an affiliate of Manulife Financial. Combined, these five asset packages currently produce nearly 61,000 boe per day.

Further details are available via Canoils’s latest M&A report for June.

Eoin Coyne is a senior analyst with CanOils and Evaluate Energy.

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  • M&A

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