Whitecap Expands Montney Shale Footprint with Kicking Horse Acquisition
Whitecap Resources Inc. increased its liquids-rich Montney Shale natural gas assets with a C$300 million ($240 million) takeover of private equity-backed Kicking Horse Oil & Gas Ltd.The acquisition includes ownership interests averaging 65% in 92 square miles of Montney production and future drilling targets in the Grande Prairie area of northwest Alberta.
“We are excited about adding this asset to our portfolio as an advancement of our Montney growth strategy, creating an additional opportunity for our team to further generate strong returns for our shareholders,” CEO Grant Fagerheim said.
The deal raises the Calgary-based independent’s total Montney holdings to ownership interests in 168 square miles, with 696 drilling targets identified in a variety of layers in the shale formation.