Painted Pony closes UGR buy, ARC, EnCap become investors

Calgary's Painted Pony Petroleum Ltd (TSX: PPY) has closed its acquisition of UGR Blair Creek Ltd, an operator of natural gas assets in the Montney resource play in British Columbia. The deal, announced in March, was valued at $277 million, including debt. The seller was a portfolio investment of Canadian energy private equity firm ARC Financial Corp and U.S. firm EnCap Investments. As part of the transaction, ARC and EnCap each took about 12.38 percent of Painted Pony's issued and outstanding shares. ARC appointed Managing Director Paul Beitel to the board, while EnCap appointed George Voneiff.

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