Pengrowth Energy Corp., Calgary, has begun a strategic review “with a view to improving the Company’s balance sheet, addressing upcoming debt maturities, and maximizing enterprise value.”
It said options might include a sale, merger, or other business combination; disposition of all or some assets; recapitalization and refinancing; and new financing and equity capital.
The company has proved and probable reserves of 446.5 million boe of oil and natural gas. Its average production in the last 3 months of 2018 was 24,104 boe/d of oil and gas.
It reported a fourth-quarter net loss of $503 million (Can.), mostly from noncash items.
Pengrowth’s main assets are the Lindbergh thermal project in the Lloydminster oil fairway of East Central Alberta’s Cold Lake region and the Groundbirch tight gas project in the Montney resource play of northeastern British Columbia.
Assisting with the strategic review are Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co.
