Advantage Energy to acquire Charlie Lake, Montney assets

June 11, 2024
Advantage Energy agreed to acquire oil and gas assets in Canada for $450 million (Can.).

Advantage Energy Ltd., Calgary, has agreed to acquire oil and gas assets in Canada for $450 million (Can.) from an undisclosed private seller.

The deal adds 163 net sections of Charlie Lake rights in the Charlie Lake oil producing fairway, 37 net sections of Montney rights in the Alberta Montney, and 33 net sections of Montney rights in Northeast British Columbia.

The deal adds 14,100 boe/d of liquids-weighted production (53% oil and liquids, 47% natural gas), nearly doubling Advantage's standalone 2023-2025 production compound annual growth rate, and over 60 MMcfd and 22,500 b/d of operated complementary infrastructure capacity, the company said in a June 2024 investor presentation.

Going into the deal, Advantage is a Montney pure play company focused on development and delineation of natural gas and liquids resource at Glacier, Wembley/Pipestone, Valhalla, and Progress, Alta. Across these properties, Advantage holds a total of 228 net sections (145,920 net acres) of Doig/Montney rights. Since 2008, production has grown to 300 MMcfed  (50,000 boe/d) (91% natural gas, 9% light oil and NGLs).


About the Author

Mikaila Adams | Managing Editor - News

Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.