(MENAFN- Baystreet.ca) Strathcona Buys Oil Driller Serafina For $2.3 Billion
Strathcona Resources is buying Saskatchewan-based oil exploration company Serafina Energy
for $2.3 billion. Both companies are privately owned.
Strathcona is expected to pay $1.9 billion upfront for Serafin Energy, as well as deferred
payments of $100 million in September, October, November, and December.
The acquisition is scheduled to close on August 29 of this year.
Serafina produces 40,000 barrels of oil equivalent (boe) per day in Saskatchewan. Strathcona
produces 110,000 to 115,000 boe each day from its operations in Alberta, British Columbia and
Saskatchewan.
Strathcona has been on a buying spree this year. In March, the Calgary-based oil and gas
company purchased the Tucker thermal-oil site that was previously owned by Cenovus Energy
(CVE) and Caltex Resources.
Strathcona has said that its strategy is to purchase assets that add production capacity
organically.
The purchase of Serafina is the latest deal in Canada's oil patch this year and comes after
Whitecap Resources (WCP) paid $1.9 billion to buy the Montney and Duvernay oil and gas
assets from Exxon Mobil (XOM) and Imperial Oil (IMO) in June.
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