CPPIB-Owned Teine Energy Closes Acquisition


Teine Energy Ltd., a Calgary, Alberta-based company focused developing oil and gas properties, acquired Viking light oil assets in the Kerrobert region of southwest Saskatchewan. The terms of the transaction were not published. Tiene Energy is majority owned by Canada Pension Plan Investment Board (CPPIB). CPPIB has been backing the company’s property acquisitions and other initiatives since June, 2010.

PRESS RELEASE

Teine Energy Completes Property Acquisition

CALGARY, Feb. 15, 2013 /CNW/ – Teine Energy Ltd. (“Teine” or the “Company”) today announced that on January 31, 2013 it closed a transaction whereby it acquired Viking light oil assets in the Kerrobert area of Southwest Saskatchewan (the “Property Acquisition”). The Property Acquisition added 22,000 net acres of land believed to be prospective for over 250 horizontal Viking oil drilling locations to the Company’s core position in the Greater Dodsland Viking play.

Teine has been one of the most active drillers in the Central West Saskatchewan Viking play having drilled more than 250 horizontal oil wells. Teine is also one of the largest land owners in the Central West Saskatchewan Viking play with an undeveloped horizontal drilling inventory in excess of 2,000 locations. In January 2013, Teine produced more than 6,700 barrels of oil equivalent per day (85% light sweet crude). The Company is majority owned by the Canada Pension Plan Investment Board.

About Teine Energy Ltd.

Teine Energy Ltd. is a private Canadian oil and gas exploration and development company. Teine’s focus is to find and develop high netback, large hydrocarbon in place properties within the Western Canadian Sedimentary Basin. For more information about Teine, please visit www.teine-energy.com.

SOURCE: Teine Energy Ltd.

Photo courtesy of Shutterstock.

 

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