Another Cardium TakeoverMy opinions only:
I don't think Novus company will be around in a year. I think it will be acquired. ;-)
This is the Cardium, but you can see the trend here. Cardium is getting crowded & expensive.
Viking should be next on the radar of these big oil companies.
- b
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PetroBakken's next Cardium takeover target
PetroBakken Energy Ltd.’s $476-million cash and stock deal for Result Energy Inc.marks its second major acquisition in the Cardium play. The company nowholds 150 net sections of land and has identified more than 400potential drilling locations.
While the transaction looksexpensive at an implied price of $5,600 to $6,300 per acre of Cardiumland, only time will tell what the economics of the play truly are andwhat the land eventually yields.
One thing is clear: PetroBakkenis making an aggressive move into the Cardium and this won’t be thelast acqusition in the area, according to Raymond James analyst JustinBouchard. The company has roughly $750-million of cash in the coffers.
Mr. Bouchard noted that potential targets on PetroBakken’s radar likely include West Energy Ltd., Midway Energy Ltd., Bellatrix Exploration Ltd. and Bonterra Oil & Gas Ltd.
Jonathan Ratner