OTCPK:PTORD - Post by User
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bopaon Nov 07, 2017 10:57am
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possible deal in weyburn
possible deal in weyburn
2017-11-07 07:11 ET - In the News
See In the News (C-CVE) Cenovus Energy Inc
The Globe and Mail reports in its Tuesday, Nov. 7, edition that Cenovus Energy is expected to announce a deal shortly to sell its interest in the Weyburn project (estimated at $1-billion or more) in Saskatchewan. The Globe's Jeffrey Jones writes that Weyburn is the last of four large assets Cenovus had earmarked for sale. Several companies that have their production skewed to oil, rather than natural gas, are thought to be possible bidders for the assets -- some as sole entities and others in partnerships with private-equity sources or pension funds. A 16-per-cent rise in U.S. oil prices over the past month is seen as supportive to potential buyers and their financing plans. Deal interest is said to be picking up as oil prices climb to more than two-year highs amid a string of high-profile arrests in Saudi Arabia over the past weekend in an anti-corruption crackdown, and as markets tighten. Mr. Jones says an improving oil market could open up capital markets for the oil patch, allowing financing for deals, after months of being out of favour. He says Spartan Energy and Whitecap Resources have both been rumoured as bidders for Weyburn. Spartan gained an ownership interest in Weyburn last year