Canbriam Energy Inc has secured about $100 million (US$74 million) from its existing private equity investors, including Warburg Pincus, ARC Financial Corp, Ontario Teachers’ Pension Plan, BlackRock Inc and State Street Corp. Calgary’s Canbriam, a producer of liquids-rich natural gas resources, said the funds raised will help support infrastructure development related to the company’s Altares Montney asset in Northeast British Columbia. Founded in 2007, Canbriam has been private equity-backed since 2008. It was in 2016 reported to be weighing an initial public offering as early as this year.
Canbriam Energy Announces C$100 Million Private Equity Investment
CALGARY, June 30, 2017 /CNW/ – Canbriam Energy (“Canbriam”) has completed a US$74 million (approximately C$100 million) investment from its existing private equity sponsors which include Warburg Pincus, ARC Financial, Ontario Teachers’ Pension Plan, BlackRock and State Street (formerly GE Capital). The investment was funded on a pro rata basis with existing private equity shareholders and management.
“This planned equity investment will help fund the infrastructure additions required for continued profitable growth of our Altares Montney asset.” said Paul Myers, Canbriam President & Chief Executive Officer.
Canbriam is focused on generating full cycle returns from its Montney asset in all commodity price cycles through ownership of all processing and water handling infrastructure, maintaining a low operating cost structure and through proactive risk management that includes hedging commodity price exposure.
Canbriam Energy Inc. is a private intermediate exploration and production Company with a focus on liquids rich natural gas. Its principal producing properties and acreage positions are in the Altares Montney of Northeast British Columbia. The Company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.
For further information: Investor & Media Contact: Paul Myers, President and Chief Executive Officer, firstname.lastname@example.org; Rob Froese, Chief Financial Officer, email@example.com; Bill Stait, Director, Investor Relations and Corporate M&A, firstname.lastname@example.org , (403) 718-8564
Photo courtesy of Canbriam Energy Inc