Page 10 - NorthAmOil Week 35 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM share and 2,986,787 common shares issued in adding high-margin Haynesville production
connection with the acquisition at a deemed and substantial core drilling inventory while
Spartan Delta announces issuance price of CAD5.30 per common share. providing additional global market access
In accordance with their terms, each
through the LNG corridor. It also further de-
closing of previously subscription receipt issued pursuant to the risks our enterprise, increases free cash flow,
extends our maturity profile and accelerates
financing was exchanged for one common
announced acquisition and share contemporaneous with the completion our deleveraging goals. Looking ahead, we
of the acquisition, and the net proceeds of
will continue to pursue opportunities to
financing, three-year plan, CAD144.3mn were released to Spartan from further increase our scale and enhance our
escrow. Holders of subscription receipts are
ability to responsibly and sustainably drive
and inaugural ESG report not required to take any action in order to additional value for our shareholders.”
Southwestern Energy is providing
receive the underlying common shares.
Spartan Delta is pleased to announce SPARTAN DELTA, August 31, 2021 updated 2021 guidance, which incorporates
the closing of its previously announced the acquired Haynesville assets starting on
acquisition of Velvet Energy, a privately held Southwestern Energy September 1, 2021. Free cash flow generation
light-oil Montney producer with operations for 2021 is expected to increase to a range of
primarily in the Gold Creek, Karr and Pouce completes acquisition of $425-475mn. The company plans to use this
Coupe areas of northwest Alberta. increased cash flow for debt reduction, which
Total consideration for the Acquisition Indigo Natural Resources is expected to drive its leverage below its two
is approximately CAD751.5mn, comprised times net debt to Ebitda target by the end of
of CAD355.9mn of cash, the issuance of and updates 2021 guidance 2021.
2,986,787 common shares of Spartan, and In Haynesville, the company expects
the assumption of Velvet’s net debt estimated Southwestern Energy today announced that to complete the 2021 capital investment
to be CAD382.6mn. The Acquisition was it has closed the acquisition of Indigo Natural programme currently in progress, and will
funded by a combination of cash on hand, net Resources. average six rigs and approximately two
proceeds released to Spartan pursuant to its “We are excited to incorporate Indigo’s completion crews, placing 15-20 gross wells
previously announced CAD150.0mn bought assets into SWN’s premier US natural gas to sales. To incorporate the investment in
deal equity financing (the “Financing”), a portfolio. More importantly, we want to Haynesville, the company’s expected 2021
new CAD150.0mn five-year term facility and welcome many of its talented people to capital investment range has increased to
advances under the Company’s revolving Southwestern. They complement our high- $1,085-1,145mn, which also includes the
credit facility with increased borrowing performance culture and share our collective associated increase in capitalisation of interest
capacity of up to CAD450.0mn. passion to stretch the limits of what is and expense.
Post completion of the financing and possible,” said Bill Way, Southwestern Energy SOUTHWESTERN ENERGY, September 01, 2021
the acquisition, Spartan has 147,169,390 president and chief executive officer.
common shares issued and outstanding, “With these assets and newly expanded Contango completes
inclusive of the 29,703,000 common shares team, we are well positioned to take the
issued in connection with the financing at a company to the next level. This acquisition acquisition of Wind River
subscription price of CAD5.05 per common materially expands our opportunity set,
Basin assets

Contango Oil & Gas today announced
the successful completion of its previously
announced acquisition of low decline,
conventional gas assets in the Wind River
Basin of Wyoming from ConocoPhillips.
CONTANGO OIL & GAS, August 31, 2021

MIDSTREAM

UGI completes acquisition

of Mountaineer Gas

UGI has completed the previously announced
acquisition of Mountaintop Energy Holdings,
owner of Mountaineer Gas, the largest
gas local distribution company in West
Virginia, for an enterprise value of $540mn.
With all closing conditions now satisfied,
including final regulatory approval from the
West Virginia Public Service Commission,

P10 www. NEWSBASE .com Week 35 02•September•2021