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Mergers & Acquisitions Deal Analysis - Crescent Point Energy To Acquire Shelter Bay Energy
GlobalData, June 2010, Pages: 17
Mergers & Acquisitions Deal Analysis - Crescent Point Energy To Acquire Shelter Bay Energy
Summary
Crescent Point Energy Corporation (Crescent Point) entered into an agreement to acquire 79% interest in Shelter Bay Energy Inc. (Shelter Bay) for a purchase consideration of approximately CAD1,100 million ($1,075.07 million), including CAD121 million ($118.26 million) of Shelter Bay net debt.
Under the terms of the agreement, Shelter Bay shareholders will receive 0.037 Crescent Point shares for each Shelter Bay share, or approximately CAD1.52 per Shelter Bay share ($1.48 per Shelter Bay share) based on a 15-day weighted average Crescent Point price of CAD40.99 per share ($40.06 per share). Shelter Bay shareholders will also receive the equivalent of the Crescent Point monthly dividend, in Crescent Point shares, from May 2010 until the expected completion of the agreement in July 2010.
Upon completion of the deal, Crescent Point’s Viewfield Bakken production is expected to grow to more than 28,500 boe/d and its land holdings to more than 890 net sections. The company’s Lower Shaunavon production is expected to grow to more than 8,200 boe/d and its land holdings to more than 545 net sections.
Following the acquisition, Crescent Point will hold 100% interest in the Shelter Bay Energy for approximately CAD 1,300 million ($1,271.04 million). Shelter Bay has average production of more than 7,300 boe/d, 93% weighted to light and medium crude oil and liquids; Shelter Bay owns more than 315 net sections of Bakken land and More than 40 net sections of Lower Shaunavon land.
Shelter Bay has reserves of approximately 38.1 million boe (MMboe) of proved plus probable and 22.4 MMboe of proved reserves and reserve life index of 14.1 years proved plus probable reserves and 8.3 years proved reserves. Crescent Point Energy valued undeveloped land at CAD197 million ($192.61 million). The transaction implies deal values at $150,187.67 per boe of daily production, $48.95 per boe of proved reserves, and $28.78 per boe of 2P reserves.
Scope
- Rationale behind Crescent Point Energy's acquisition of Shelter Bay Energy
- Strategic Benefits for Shelter Bay Energy
- Geography covered - Canada
- Deal Financials and Valuations
- Information on Crescent Point Energy, Shelter Bay Energy
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in Canadian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
- Know about the major companies, which are adopting a divestment or acquisition strategy to enhance their business portfolios
- Learn about the key fiancial advisors in a particular segment in the Oil & Gas Industry
- Understand the various means of raising funds from the market.
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