Deal In Brief
Paramount Resources Ltd, an independent petroleum company, has completed the sale of its non-operated Birch assets located in northeast British Columbia, to Tourmaline Oil Corp, an oil and natural gas exploration and production company, for a sale consideration of approximately C$88 million before customary closing adjustments
The asset includes current production of 2,400 boepd from 15 Montney horizontals with 2P reserves of 40 mmboe and 105 estimated Tier 1 locations
The transaction implies values of US$29,321.96 per boe of net daily production and US$1.76 per boe of 2P reserves
Deal history Announced: On May 5, 2021, Paramount Resources has entered into a definitive agreement to sell its non-operated Birch asset located in northeast British Columbia, for a sale consideration of approximately C$77 million.
| Deal Value (US$ Million) | 70.37 |
| Deal Type | Acquisition |
| Sub-Category | Asset Purchase |
| Deal Status | Completed: 2021-07-15 |
Deal Participants
| Acquirer (Company) | Tourmaline Oil Corp. |
| Vendor (Company) | Paramount Resources Ltd |
Deal Rationale