Wed, Sep. 16, 5:53 AM
Fri, Aug. 7, 10:04 AM
Thu, Apr. 23, 3:09 PM
- Cenovus Energy (CVE +4.2%) has hired TD Bank to explore the possible sale or IPO of its royalty lands in western Canada, Bloomberg reports.
- The royalty lands, located across Alberta, Saskatchewan and Manitoba, could fetch as much as C$1.6B ($1.3B) in a sale, according to RBC analyst Shailender Randhawa, who says CVE has 3.1M net acres of royalty lands that produce 7,600 boe/day and generated C$150M in pre-tax operating cash flow for the company.
- Potential bidders are speculated to include other royalty companies such as PrairieSky (OTC:PREKF), Freehold Royalties (OTCPK:FRHLF) or Franco-Nevada (NYSE:FNV), as well as pension plans or P-E players.
Tue, Apr. 14, 3:38 PM
- Penn West Energy (PWE +9.9%) agrees to sell an 8.5% gross overriding royalty in its working interests in part of its Viking resource play in Saskatchewan plus some of its existing royalties and mineral title lands located in western Canada through a variety of plays to Freehold Royalties (OTCPK:FRHLF) for C$321M.
- PWE says the sale will reduce its senior debt and represents ~50% of its commitment to offer up to $650M in proceeds received from asset dispositions to prepay outstanding principal amounts on its senior notes.
Currently, there's no company description for FRHLF.
Other News & PR