By OGJ editors
HOUSTON, Sept. 26 -- Abu Dhabi National Energy Co. PJSC, through its wholly owned Canadian subsidiaries TAQA North Ltd. and 1350849 Alberta Ltd., has agreed to buy conventional oil and gas producer PrimeWest Energy Trust, Calgary, for $5 billion (Can.).
The transaction, subject to regulatory approval, customary closing conditions, and approval by PrimeWest shareholders, is expected to close by the end of November.
Once completed, the deal will provide TAQA with an additional 285 million bbl (gross) proved and probable reserves; current production exceeding 61,000 b/d of oil equivalent; a large undeveloped land base of more than 1.1 million net acres, which will be complementary to TAQA North's existing land base; and a large tax pool position of about $2.7 billion (Can.).
Following the closing of the PrimeWest transaction and that of the previously announced acquisition of Pioneer Canada, TAQA North will have proved and probable reserves of more than 480 MMboe and current production of more than 105,000 boe/d.
