Page 12 - NorthAmOil Week 14 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM opportunity to return additional capital to and WOAC together hold an aggregate of
shareholders. 117,034,627 Osum shares, representing
Crescent Point closes CRESCENT POINT ENERGY, April 01, 2021 approximately 86.6% of the issued and
outstanding Osum shares.
accretive acquisition of Waterous Energy Fund Osum shareholder other than WEF and
Upon completion of the transaction, each
Kaybob Duvernay assets announces the final step of WOAC, will receive CAD3.00 in cash for
each Osum Share held immediately prior to
Crescent Point Energy is pleased to announce its acquisition of Osum Oil the amalgamation, which is the same as the
that it has successfully closed its accretive consideration paid to Osum shareholders
transaction previously announced on Sands Corp; shareholder under the Offer. Each Osum shareholder,
February 17, 2021. The company has acquired other than WEF and WOAC, will receive one
Shell Canada Energy’s Kaybob Duvernay meeting to be held April Series A preferred share of Amalco for each
assets in Alberta for CAD900mn. Osum share, WHICH will be automatically
This strategic acquisition enhances 30, 2021 to approve the redeemed immediately following the
Crescent Point’s core principles of balance completion of the amalgamation for CAD3.00
sheet strength and sustainability. In particular, transaction in cash.
these assets, which are situated in the heart A special meeting of the Osum
of the condensate rich fairway, are expected Waterous Energy Fund and Osum Oil Sands shareholders has been called for 9:00 a.m.
to enhance the company’s free cash flow Corp. announce today that Osum has entered (Calgary time) on April 30, 2021 at the offices
profile, inventory depth and include key into an amalgamation agreement with WEF of Blake, Cassels & Graydon LLP located at
infrastructure that is expected to lower future Osum Acquisition Corp. (WOAC) under Suite 3500, 855 - 2nd Street S.W., Calgary,
capital requirements. which Osum will amalgamate with WOAC, Alberta T2P 4J8 to consider, and if thought
Based on 30,000 boepd of production, with the amalgamated entity (Amalco) advisable, pass a special resolution in relation
the purchase price reflects an attractive becoming an entity wholly-owned by WEF. to the amalgamation. The amalgamation
acquisition metric equating to less than 3.0 Osum’s board has called a meeting of holders resolution must be passed by 66 2/3% of the
times net operating income of approximately of common shares of Osum to consider the votes cast by Osum shareholders, voting in
CAD330mn at $50/barrel WTI, or proposed amalgamation. person or by proxy at the meeting.
approximately 2.3 times net operating This amalgamation has previously been WATEROUS ENERGY FUND, April 06, 2021
income of approximately CAD400mn at disclosed to Osum shareholders in WEF’s
current commodity prices of $60/barrel WTI. take-over bid for up to 57,000,000 Osum Surge Energy America
These assets are also expected to enhance shares and represents the final step of WEF’s
Crescent Point’s free cash flow generation acquisition of Osum. The amalgamation completes Midland Basin
as approximately $180mn of annual capital will constitute the subsequent acquisition
expenditures are required to sustain 30,000 transaction to acquire all of the Osum shares acquisition
boepd of production. The company will seek that WOAC did not acquire under the offer.
to further enhance returns through potential WOAC acquired an aggregate of 56,999,475 Surge Energy US Holdings announced
cost efficiencies. Osum shares under the Offer, representing in the US that it, through its subsidiary,
Crescent Point is expected to generate approximately 42.2% of the issued and has completed the previously announced
significant excess cash flow in 2021. The outstanding Osum shares. Together with acquisition of leasehold interest and
company’s initial priority remains centred the 60,035,152 Osum shares already owned producing wells from Grenadier Energy
on balance sheet strength followed by the by WEF at the time of the Offer, WEF Partners II LLC (“GEP II”) in Howard County,
TX. The aggregate purchase price of the
transaction was approximately $420mn.
SURGE ENERGY US HOLDINGS, April 01, 2021

MIDSTREAM

Inter Pipeline awarded
CAD408mn grant under

Alberta’s Petrochemicals

Incentive Program

Inter Pipeline announced today that it will
receive CAD408mn under the Alberta
Petrochemicals Incentive Program (APIP).
The grant has been awarded in support of
Inter Pipeline’s Heartland Petrochemical

P12 www. NEWSBASE .com Week 14 08•April•2021