Calgary oil and gas company Primavera Resources Corp has secured equity financing from ARC Financial Corp, a Canadian energy private equity firm. No financial terms were released. The deal was closed concurrently with the company’s acquisition of 18,400 net acres of Montney rights located in the Goose region of northeastern British Columbia. Primavera, which is led by CEO Dan O’Byrne and President Andrew Wiacek, said the partnership with ARC will supports its development of the asset. Earlier this month, STEP Energy Services Inc, an ARC portfolio company, closed its initial public offering in Canada, raising $100 million.
Primavera Resources Corp. announces acquisition of Montney acreage and closing of equity financing by ARC Financial Corp.
May 17, 2017
CALGARY, ALBERTA (May 17, 2017) Primavera Resources Corp. (“Primavera” or the “Company”) is pleased to announce the closing of an acquisition of 18,400 net acres of Montney rights located in the Goose area of NE BC. Concurrent with the acquisition, Primavera closed an equity financing by ARC Financial Corp. (“ARC Financial”) that will support a strategy to delineate and develop the full potential of this high quality asset.
Primavera is a private company focused on capturing and developing high quality, liquids rich, multi-layer Montney assets. The Company’s management consists of Dan O’Byrne (CEO), Andrew Wiacek (President), Karen Nielsen (COO), Paul McDougall (CFO), Floyd Siegle (VP Engineering), Scott Leroux (VP Exploration), and Craig Haavardsrud (VP Business Development and Land).
“ARC Financial has been extremely supportive of our strategy to acquire high quality, liquids rich Montney assets,” Mr. O’Byrne said. “The land that Primavera purchased today includes enough drilling locations and running room to launch an exciting new growth story in the Canadian oil and gas industry.”
For more information, please contact Dan O’Byrne at (403) 616-9689 or Andrew Wiacek at (403) 874-9692.
Photo courtesy of Reuters/Todd Korol