Bregal Investments closes sale of Birchill Exploration for $256 mln

Bregal Investments, the private equity investment arm of European holding company COFRA Holding AG, has completed the previously announced sale of Birchill Exploration LP to TriOil Resources Ltd, a Canadian energy company owned by PKN Orlen SA. The deal’s value was approximately $256 million. FirstEnergy Capital Corp advised Birchill on the transaction. Based in Calgary, Birchill operates oil and gas fields in the Ferrier-Strachan area of Alberta. Update: The Calgary-based TriOil was acquired by PKN Orlen, a Polish petroleum and petrochemical business, in November 2013.

PRESS RELEASE

NEW YORK, June 6, 2014 /PRNewswire/ — Bregal Investments is pleased to announce the sale of privately held Birchill Exploration Limited Partnership to TriOil Resources Ltd. for total proceeds of approximately CAD$256 million. The transaction was pursuant to a share purchase agreement which closed on June 5, 2014 and included approximately 4,000 boepd of production (40% liquids), 2P reserves of 26.6 million boe and bank debt of CAD$62 million that was retired at closing.

The sale of Birchill Exploration represents the third installment of Birchill companies with predecessors including Birchill Resources and Birchill Energy. Combined sale proceeds generated from the Birchill legacy companies approaches CAD$1 billion. This transaction concludes a 5 year business plan of largely operated, drill bit growth in the Ferrier/Strachan area of west central Alberta.

FirstEnergy Capital Corp. acted as Birchill’s financial advisor on the transaction.

Included in the transaction was the rollout of some minor properties and production in Ferrier and Willesden Green which will serve as the catalyst to launch the fourth iteration of Birchill with the continued backing of Bregal Investments. Details of the new operating entity will be released in a separate announcement.

About Bregal Investments

Bregal Investments is the private equity investment business of COFRA Holding AG, a European holding company for a privately-owned group of companies. With offices in London and New York, Bregal Investments has invested over €7 billion (US$9 billion) globally since 2002. The Bregal group includes a number of specialist funds, of which Bregal Partners and Bregal Energy deploy capital across the energy sector from startups to growth companies. For more information, please visit www.bregal.com.

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