Advantage Energy Ltd., Calgary, has agreed to acquire oil and gas assets in Canada for $450 million (Can.) from an undisclosed private seller.
The deal adds 163 net sections of Charlie Lake rights in the Charlie Lake oil producing fairway, 37 net sections of Montney rights in the Alberta Montney, and 33 net sections of Montney rights in Northeast British Columbia.
The deal adds 14,100 boe/d of liquids-weighted production (53% oil and liquids, 47% natural gas), nearly doubling Advantage's standalone 2023-2025 production compound annual growth rate, and over 60 MMcfd and 22,500 b/d of operated complementary infrastructure capacity, the company said in a June 2024 investor presentation.
Going into the deal, Advantage is a Montney pure play company focused on development and delineation of natural gas and liquids resource at Glacier, Wembley/Pipestone, Valhalla, and Progress, Alta. Across these properties, Advantage holds a total of 228 net sections (145,920 net acres) of Doig/Montney rights. Since 2008, production has grown to 300 MMcfed (50,000 boe/d) (91% natural gas, 9% light oil and NGLs).
