We’re not going to renew the leases on them,” Evans said.

Wichita, Kan.-based Koch Industries struck an agreement to sell thousands of hectares of land in the oilsands to Calgary-based Cavalier Energy Inc., a subsidiary of the Riddell family-controlled Paramount Resources Ltd., in a transaction that occurred in June, the Financial Post has confirmed. November 9, 2015. CNRL’s recent deal to buy Total’s unused Joslyn oilsands lease to expand its own Horizon oilsands mine was an example of how land adjacent to existing projects is valuable, he said. – Once among the largest landholders in the oilsands, industrial conglomerate Koch Industries Inc. has sold off its upstream leases and abandoned licences in the heavy oil play, joining a stream of foreign companies exiting the bitumen-bearing formation. Dundee Capital Markets analyst Chad Ellison said the deal should be positive for PrairieSky as the company picks up the "last high quality royalty asset" and should add to cash flow while also increasing the quality of the company's portfolio. PrairieSky buying most of CNRL royalty assets--CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices. LIVE: Ontario premier gives an update on COVID-19, Simulation shows droplets in human breath, Here's why the U.S. presidency has a term limit, 'We are definitely in a second spike of concern'. Newspaper article ", The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances. “There’s some land in, what I would call our fourth growth project in the Duncan area, these are lands that we’re dropping. CNRL said it has preserved the right to develop about 420 sq. Most of the land that has changed hands in the play recently shows attempts by major companies to acquire parcels contiguous to their existing facilities, which looks like “filling in the checkerboard,” Skolnick said.

CALGARY, Alta. "This is truly a win-win deal," said CNRL president Steve Laut in a conference call with analysts Monday, adding that shareholders of both companies will benefit from the combined strength and diversity of the assets. Under the deal, PrairieSky would pay $680 million in cash and about 44.4 million of its common shares, priced at $25.20 each, for the royalty portfolio. Land Holdings • Clearwater ÅPrimrose, Wolf Lake ÅHilda Lake, Marie Lake • McMurray ÅKirby ÅGrouse ÅBirch Mountain ÅGregoire ÅLeismer ÅIpiatik • Wabiskaw ÅKirby, Ipiatik • Grand Rapids ÅPrimrose, Wolf Lake, Pelican Lake, Germain • Carbonates ÅSaleski CNQ Lands Cenovus Conoco Devon Shell Suncor Syncrude All Others However, the company confirmed it had sold down its upstream oilsands holdings and surrendered expired leases in the play. The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances.
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“The majority of Koch Oil Sands licences have been transferred to Paramount Resources Ltd. All of the remaining licences for well sites have been abandoned, which means that they have been permanently sealed and taken out of service,” Alberta Energy Regulator spokesperson Shawn Roth said in an email. The company’s Pelican Lake project is producing record volumes of oil and vast land holdings in the area allow Canadian Natural to minimize … CNRL’s recent deal to buy Total’s unused Joslyn oilsands lease to expand its own Horizon oilsands mine was an example of how land adjacent to existing projects is valuable, he said. Founded by late billionaire geologist Clay Riddell, Paramount built a reputation for exploring oil and gas resources in new plays and in untapped corners of existing plays.

Some of Koch’s vast land holdings have been in more remote, deeper and more technically challenging parts of the oilsands region called the carbonates, but it’s unclear which leases were sold and which expired. First Canadian dog tests positive for COVID-19 in Ont. The friendly deal would see CNRL transfer 81 per cent of its royalty volume to PrairieSky, consisting of the equivalent of 6,700 barrels per day of oil and natural gas production, and about 21,850 square kilometres of royalty land -- nearly four times the size of Prince Edward Island. Now, Paramount through Cavalier has emerged as a major Canadian acquirer of oilsands leases. km in the three provinces. “They were at a point in their life where the annual rentals on those leases were about to increase in cost.”. Download the CTV News app now. Please click the button below to reload the page. Desjardins Capital Markets analyst Justin Bouchard said in a note that while the sale will help CNRL insulate its balance sheet, it is "by no means a game-changer. In a move to cut costs, MEG Energy president and CEO Derek Evans said on his company’s recent earnings call that his company would allow leases on its longer-term holdings to expire rather than pay escalating rents on the land.
We’re not going to renew the leases on them,” Evans said.

Wichita, Kan.-based Koch Industries struck an agreement to sell thousands of hectares of land in the oilsands to Calgary-based Cavalier Energy Inc., a subsidiary of the Riddell family-controlled Paramount Resources Ltd., in a transaction that occurred in June, the Financial Post has confirmed. November 9, 2015. CNRL’s recent deal to buy Total’s unused Joslyn oilsands lease to expand its own Horizon oilsands mine was an example of how land adjacent to existing projects is valuable, he said. – Once among the largest landholders in the oilsands, industrial conglomerate Koch Industries Inc. has sold off its upstream leases and abandoned licences in the heavy oil play, joining a stream of foreign companies exiting the bitumen-bearing formation. Dundee Capital Markets analyst Chad Ellison said the deal should be positive for PrairieSky as the company picks up the "last high quality royalty asset" and should add to cash flow while also increasing the quality of the company's portfolio. PrairieSky buying most of CNRL royalty assets--CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) is selling most of its royalty land holdings to PrairieSky Royalty Ltd. (TSX:PSK) for $1.8 billion in stock and cash as it looks to strengthen its balance sheet in the face of low oil prices. LIVE: Ontario premier gives an update on COVID-19, Simulation shows droplets in human breath, Here's why the U.S. presidency has a term limit, 'We are definitely in a second spike of concern'. Newspaper article ", The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances. “There’s some land in, what I would call our fourth growth project in the Duncan area, these are lands that we’re dropping. CNRL said it has preserved the right to develop about 420 sq. Most of the land that has changed hands in the play recently shows attempts by major companies to acquire parcels contiguous to their existing facilities, which looks like “filling in the checkerboard,” Skolnick said.

CALGARY, Alta. "This is truly a win-win deal," said CNRL president Steve Laut in a conference call with analysts Monday, adding that shareholders of both companies will benefit from the combined strength and diversity of the assets. Under the deal, PrairieSky would pay $680 million in cash and about 44.4 million of its common shares, priced at $25.20 each, for the royalty portfolio. Land Holdings • Clearwater ÅPrimrose, Wolf Lake ÅHilda Lake, Marie Lake • McMurray ÅKirby ÅGrouse ÅBirch Mountain ÅGregoire ÅLeismer ÅIpiatik • Wabiskaw ÅKirby, Ipiatik • Grand Rapids ÅPrimrose, Wolf Lake, Pelican Lake, Germain • Carbonates ÅSaleski CNQ Lands Cenovus Conoco Devon Shell Suncor Syncrude All Others However, the company confirmed it had sold down its upstream oilsands holdings and surrendered expired leases in the play. The deal follows Cenovus Energy's (TSX:CVE) sale of its royalty business for $3.3 billion in June to the Ontario Teachers' Pension Plan as the company sought to shore up its finances.

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