Canada's Pengrowth Energy to buy rival NAL Energy for $1.9 bn
24 March 2012
Canadian oil and gas producer Pengrowth Energy Corp yesterday said that it will buy NAL Energy Corp for about C$1.9 billion ($1.9 billion), including debt.
Calgary, Canada-based NAL Energy has crude oil, natural gas and natural gas liquid assets in southeastern Saskatchewan, central Alberta, northeastern British Columbia and and Lake Erie, Ontario.
As of 8 February 2012, NAL Energy's unit NAL Resources managed approximately 46,500 (28,000 net to the company) barrels of oil equivalent per day and operated 90 per cent of this production on behalf of NAL Energy, and a subsidiary of Manulife Financial Corporation, a Canadian financial institution.
NAL also operates four gas plants - the Sylvan Lake, Brent, Hanna and Sturgeon Lake gas plants in Alberta and the Nottingham Gas Plant in Saskatchewan.
New York Stock Exchange-listed Pengrowth Energy is a producer of oil and natural gas, headquartered in Calgary, Alberta.
Pengrowth's focus is on the development of conventional and unconventional resource-style plays in the Western Canadian Sedimentary Basin.