• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Paramount Resources to buy Apache subsidiary for C$459.5 mln

July 6, 20177:25 PM Reuters0 Comments

Canadian oil producer Paramount Resources Ltd said on Thursday that it would buy the Canadian subsidiary of U.S. oil and gas firm Apache Corp for C$459.5 million ($353.7 million USD).

The Calgary-based energy company plans to buy Apache Canada Ltd, and fund the deal with cash on hand and no debt. The deal requires regulatory approvals and is expected to close in August.

A sale of Apache Canada would mark the Houston-based company's exit from the country, the latest international oil firm to sell Canadian operations in favor of concentrating on U.S. shale plays.

Apache has said it planned to streamline and focus on its operations in the United States, North Sea and Egypt.

Apache said with the sale to Paramount and two earlier deals signed in June involving Canadian assets, total proceeds from the three sales would amount to about $713 million.

It plans to use the funds finance a portion of Apache's 2017-18 capital expenditures, reduce debt and improve the liquidity of the company. The sales will enable Apache to reduce "significant" liabilities associated with asset retirement obligations in Canada.

Separately, Paramount also said it entered into an agreement with petroleum and natural gas company Trilogy Energy Corp , in which the company would buy the remaining 85 percent of the common shares and non-voting shares of Trilogy.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by G Crosse and Bill Trott)

Paramount Resources Trilogy Energy

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Oil steadies on hopes for demand recovery, India’s virus surge caps gains
  • The state of royalty companies in Alberta
  • Precision Drilling CEO says Canadian and U.S. GHG targets are ‘extremely aggressive”
  • Crude-by-rail exports fall by 43 per cent to 111,900 bpd in February, says regulator
  • Hostile takeover target Inter Pipeline reports 60% of Heartland plant is contracted

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.