Waterous acquires NBZ & its Polymerfloods Projects This deal is another strong indication about the attractiveness of ZAR's ASP project at Little Bow. Big players will always want low decline production and significant upside potential thanks to rising oil prices.
NBZ is a producer whose production is coming primarily from polymerfloods projects, same like ZAR's ASP project.
Waterous just acquired 67% of NBZ and Waterous CEO states:
Commenting on the acquisition, WEF Managing Partner and CEO Adam Waterous stated: “I have been following Northern Blizzard’s progress for many years and we are pleased to begin a long-term partnership with CEO John Rooney and President Jim Artindale. Over the last several years, current management’s innovative development processes and techniques have transformed the Saskatchewan focused company’s core Cactus Lake asset into one of North America’s largest vertical well polymer floods. We believe the property’s low decline, long reserve life, and high free cash flow make it a top quartile North American oil asset, which will serve as a platform for future growth for the company. We look forward to working with management and the Board to identify opportunities to further enhance shareholder value.”
CALGARY, ALBERTA–(Marketwired – April 10, 2017) – Waterous Energy Fund (“WEF”) is pleased to announce its affiliates, WEF GP (International) Ltd., the general partner of Waterous Energy Fund (International) L.P. and WEF GP (Canadian) Corp., the general partner of Waterous Energy Fund (Canadian) L.P., have today entered into two separate purchase agreements to acquire approximately 67% of the issued and outstanding common shares of Northern Blizzard Resources Inc. (the “Company”) from affiliates of Riverstone Holdings, LLC, and NGP Energy Capital Management, LLC for a purchase price of $3.60 / share totalling approximately $244 million.
About Waterous Energy Fund:
Waterous Energy Fund is a Calgary headquartered oil and gas private equity firm founded by Adam Waterous targeting a focused portfolio of owned and controlled investment opportunities between $100 and $400 million across North America. WEF’s current portfolio includes Strath Resources Ltd., a private oil and gas producer in the Kakwa region of the
Montney basin of Alberta. To date, WEF has made equity commitments of approximately $650 million, and post-closing its investment in Northern Blizzard will control assets with an enterprise value in excess of $1 billion.