We are actively looking at things; we’ve been in several bid processes,” said Cardinal Energy CEO Scott Ratushny.
“We don’t need to buy anything and I think that seems to be a general consensus in industry now. We’ve got 10 years’ worth of drilling inventory so there’s no real impetus to buy something unless it’s a good deal.”
At Deltastream, Tang is also looking for a good deal for his investors, with bids expected to arrive in mid-August.
The company’s high-quality assets in the Clearwater play in northwest Alberta have sparked interest from prospective buyers across North America that was “three times more than I expected,” he said.
“We don’t have to sell,” Tang said.
“If nobody buys us and pays a premium, we will just march on with our five-year plan, but we decided after eight years now, it’s a good time to test the market — and the market is relatively strong.”
Chris Varcoe is a Calgary Herald columnist.