ARC, EnCap to sell UGR Blair Creek to Painted Pony for $277 mln
Painted Pony Petroleum Ltd (TSX: PPY) has agreed to buy the issued and outstanding shares of UGR Blair Creek Ltd, an operator of natural gas assets in the Montney resource play in British Columbia, close to Painted Pony's existing asset base. Calgary's Painted Pony agreed to pay about $277 million, including debt, for the business. The seller is Unconventional Resources Canada LP, a portfolio investment of Canadian private equity firm ARC Financial Corp and U.S. private equity firm EnCap Investments. As a result of the deal, ARC and EnCap will become indirect investors in Painted Pony, and will each be able to nominate a member to the board.
16 March 2017•10 mins read
