Page 10 - NorthAmOil Week 22 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM while continuing to develop and grow our Gallup reserve base following the success of
international portfolio with the goal of our 2021 horizontal drilling programme,” said
Vermilion Energy maximising free cash flow for shareholders Jay Paul. “Our operating and development
over the near and long-term. We look forward
track record, basin-leading ESG programmes,
announces closing of the to integrating the Mica assets into our and financial and strategic support provided
portfolio, and our experienced team has the
by North Hudson, place LOGOS in an
acquisition of Leucrotta operating, technical and financial capability excellent position to execute on the next phase
of value creation.”
to deliver synergies and maximise the value
Exploration of this fully delineated, multi-decade free cash opportunity to work with Jay Paul and the
“We are very pleased to have the
flow generating asset.
Vermilion Energy is pleased to announce VERMILION ENERGY, May 31, 2022 LOGOS team” added Mark Bisso, managing
that we have closed the acquisition of partner of North Hudson. “LOGOS presents a
Leucrotta Exploration pursuant to the terms North Hudson Resource significant opportunity for our investors given
of the previously announced arrangement the company’s strong management team,
agreement dated March 28, 2022, as amended, Partners acquires LOGOS significant and stable production base, and
among Vermilion, Leucrotta and Coelacanth expansive undeveloped resource base.”
Energy. Resources NORTH HUDSON RESOURCE PARTNERS, June
The primary asset acquired pursuant 02, 2022
to the Leucrotta acquisition is the Mica North Hudson Resource Partners and its
property, comprised of 81,000 gross (77,000 affiliated funds, in partnership with the
net) contiguous acres of Montney mineral management team of LOGOS Resources MIDSTREAM
rights in the Peace River Arch straddling the II, announced that it has acquired LOGOS
Alberta and British Columbia borders. We from affiliates of ArcLight Capital Partners Magellan Midstream
have conservatively identified 275 multi- for approximately $402mn. LOGOS’ assets
zone, extended reach, drilling prospects to include over 230,000 net acres in the San Juan to close independent
date, representing an expected two decades Basin, current net production of 106 MMcfe
or more of low-risk, self-funding, high- per day, and an extensive inventory of drilling terminals sale to Buckeye
deliverability drilling inventory with strong locations in the core of the prolific Mancos
rates of return. Over the past two months shale and Gallup oil play. LOGOS recently Partners on June 8
since time of deal announcement, North commenced its 2022 drilling programme
American gas prices have strengthened, as and anticipates increasing net production to Magellan Midstream Partners and Buckeye
illustrated by the 35% increase to 2023 AECO approximately 130 MMcfe per day by year Partners announced today that the required
strip further reinforcing the profitability of the end. regulatory approval process for the sale of
Mica property. We believe there is meaningful LOGOS will continue to be led by its Magellan’s independent terminals to Buckeye
upside in other zones, which could add existing management team, including its is nearing its conclusion, with the transaction
significant inventory to this land base and CEO Jay Paul McWilliams. Management expected to close on or around June 8.
the optionality for cube development. The is comprised of San Juan Basin veterans, As announced in June 2021, Magellan
multi-zone development nature of these collectively bringing more than 100 years of agreed to sell its independent terminals
assets is a natural extension of the multi-zone regional drilling and operating experience network comprised of 26 refined petroleum
development that our Canadian business as well as an extensive track record of products terminals with approximately 6mn
unit has been focused on in West Central community interaction and environmental barrels of storage located primarily in the
Alberta for over a decade. Integrating these stewardship. southeastern US to Buckeye for $435mn. As
assets into our Canadian asset base allows us “We are excited to partner with North previously noted, Magellan intends to use
to high-grade our North American portfolio Hudson and will use our new resources to the proceeds from this transaction consistent
and is expected to add decades of inventory accelerate the development of our Mancos and with its stated capital allocation priorities,
including potential equity repurchases.
“Magellan would like to thank all of the
employees dedicated to these facilities for
their contributions and professionalism
throughout the years and during this time of
transition, and we wish them much success
in the future,” said Aaron Milford, Magellan’s
chief executive officer.
Todd Russo, Buckeye’s chief executive
officer, added: “These terminals are highly
complementary to Buckeye’s existing terminal
business and enable us to further strengthen
our offering to our valued customers in the
southeastern US, and nationally. The team
is excited to integrate these assets into our
diversified global terminal network, and we
welcome our new team members as we begin

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