[Context: PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE.BC) sold a large asset position to CPPIB-backed Teine Energy. Close is expected 2Q16. According to Penn West, the Saskatchewan assets are split approximately evenly between medium and heavy oil properties in the West and the Dodsland light-oil properties in the East. RBC Capital Markets advised Penn West on the transaction.]
Teine Energy Ltd. Announces Significant Asset Acquisition
Transmitted by CNW Group on : June 10, 2016 19:06
CALGARY, June 10, 2016 /CNW/ – Teine Energy Ltd. (“Teine” or the “Company”) is pleased to announce that it has entered into an agreement to purchase oil assets (“Assets”) in South Western Saskatchewan for cash consideration of $975 million. The acquisition includes a core position within the Saskatchewan Viking light oil play as well as low decline heavy oil properties currently under water flood. The transaction will add significant production, reserves, and undeveloped land to the Company’s dominant position within the Saskatchewan Viking light oil play.