Black Swan closes Carmel Bay buy, raises $350 mln from PE investors
Black Swan Energy Ltd has closed its previously-announced buy of Carmel Bay Exploration Ltd for about $200 million in cash. The deal includes assets in the Montney fairway in British Columbia. Black Swan also received $350 million in follow-on investment from its private equity backers, which include the Canada Pension Plan Investment Board (CPPIB), KERN Partners and Warburg Pincus. As a result, it has raised $850 million to date. The proceeds of the latest funding will be used for the Carmel Bay acquisition, related asset development and continued growth of production and reserves. The Calgary-based Black Swan in focused on early-entry Western Canadian resource plays.
6 July 2015•4 mins read
