CANADIAN NATURAL RES

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Canadian Natural to Buy Painted Pony Energy for $83 Million

08/10/2020 | 06:15am

By Colin Kellaher

 

Canadian Natural Resources Ltd. on Monday said it agreed to buy natural-gas producer Painted Pony Energy Ltd. for about 111.1 million Canadian dollars (US$83 million) in cash.

Canadian Natural said it will pay C$0.69 a share for Painted Pony, a 16.9% premium to Friday's closing price of C$0.59.

Canadian Natural, a senior oil and natural-gas production company, said it will also assume roughly C$350 million in total debt.

Both companies are based in Calgary, Alberta.

Canadian Natural said it is acquiring current production, before royalties, of about 270 million cubic feet a day of natural gas and 4,600 barrels a day of natural gas liquids.

Canadian Natural said the transaction value represents about 1% of its enterprise value and doesn't materially affect its balance-sheet strength or liquidity position. The company said it expects to complete the acquisition late in the third quarter or early in the fourth quarter.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

Corrections & Amplifications

This article was corrected at 7:36 a.m. ET because the original incorrectly reported the expected closing timeline for the merger as late in the third quarter or early in the second quarter. The correct timeline is late in the third quarter or early in the fourth quarter.

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