Yangarra non-core areas
Mega, Alberta
Yangarra has earned 90% working interest in 7 sections through a 10 section farm-in with Husky Energy in northern Alberta. (source – Yangarra web site)
Hey all, just noticed this interesting farm-in agreement with the HUGE Husky Energy with an appetite for Natural Gas resources companies. Just look at Husky's NR from December 10th 2009, 98 claim purchase from Suncor energy.
Now maybe it is time for speculating a bit...
Would be nice to get noticed by Husky Energy and ultimately get a buy out offer, in my opinion but mostly in my dreams ;-)
Good luck to all.
Alucky_one
Husky Energy to buy 98 gas stations in Ontario from Suncor Energy
Thu Dec 10, 7:14 PM
Lauren Krugel, The Canadian Press
By Lauren Krugel, The Canadian Press
CALGARY - Husky Energy Inc. (TSX: HSE.TO) is buying most of the Ontario gas stations Suncor Energy Inc. (TSX: SU.TO) was required to sell as a condition for its union with Petro-Canada.
Calgary-based Husky, which also produces and processes oil and natural gas, said Thursday it has signed a deal to buy 98 gas stations from Suncor, Canada's biggest energy company.
Of those, 68 are Suncor's Sunoco-branded stations and 30 are Petro-Canada outlets, which Suncor inherited through its merger with the former Crown corporation this summer.
"This is an exciting development for Husky Energy," said Husky chief executive officer John Lau, adding the stations are in close proximity his firm's refineries in Ohio.
"It represents an attractive opportunity for our shareholders and further strengthens the company's strategy of being a fully integrated oil and gas business."
Husky, whose retail business had largely been focused on Western Canada, quadruples its presence in the populous Ontario market, where it will now have 128 locations.
It plans to convert its newly acquired stations to the Husky banner in the second quarter of next year.
Financial terms of the deal were not disclosed.
In order to get approval from the Competition Bureau to merge with Petro-Canada, Suncor agreed to sell 104 gas stations and some other infrastructure in Ontario, where the two companies had overlapping operations.
Suncor spokesman Dany Laferriere said there were only a handful of stations left to sell.
"We will continue to negotiate with the appropriate purchasers for those sites, certainly with a view to concluding the agreement as quickly as possible," he said.
Suncor sold its Toronto-area gasoline terminal storage and distribution capacity to Ultramar Ltd., a Quebec-based refiner owned by Valero Corp. (NYSE: VLO), the largest gasoline producer in the United States.
Ultramar will acquire the capacity under an agreement between the regulator and the company to supply 1.1 billion litres of terminal and distribution capacity for refined petroleum in the Toronto area for 10 years.
The combination of Suncor and Petro-Canada in August created a dominant Canadian energy company focused on the oilsands, with operations off Canada's east coast and abroad.
Husky, with about 4,600 employees at the end of 2008, has operations in Canada, the United States, Southeast Asia and elsewhere.
The company, controlled by Hong Kong billionaire Li Ka-shing, operates in the oilsands and has heavy oil properties in Alberta, refineries in Canada and the United States as well oil production off the East Coast.
Thursday on the Toronto Stock Exchange, Husky shares rose 77 cents to close at $27.58, a gain of 2.9 per cent. Suncor stock closed at $36.80, up $1.16 or 3.3 per cent.