Black Swan Energy Ltd, a Calgary-based company focused on unconventional resource exploration and development, has secured an equity investment of $150 million, bringing its total investment to date to over $500 million. The new funding was provided by existing investors Canada Pension Plan Investment Board, Canadian energy-focused private equity firm KERN Partners, and U.S.-based Warburg Pincus, which have all backed the company since 2011. The additional capital will be used to fund the appraisal and development of current properties in the Montney play in British Columbia and the Duvernay play in Alberta. The company’s management team and directors include former senior managers of Talisman Energy Inc.
Black Swan Energy announces $150 million equity investment
CALGARY, Dec. 3, 2013 /CNW/ – Black Swan Energy Ltd. today announced that it has completed a $150 million increase in the equity capital commitments from its existing shareholders which include Warburg Pincus, Canada Pension Plan Investment Board and KERN Partners. This brings the total capital commitment from its shareholders to $501 million, with the new capital being used to fully fund the appraisal and early development of its current properties.
Black Swan is focused on its growing base of liquids-rich production in the Montney play in British Columbia and the Duvernay play in Alberta. The additional capital will support further drilling in both plays.
ABOUT BLACK SWAN
Black Swan Energy Ltd. is backed by leading private equity investors and is focused on unconventional resource exploration and development. The Company is headquartered in Calgary, Alberta, Canada and was founded in 2010.
SOURCE Black Swan Energy Ltd.
Photo courtesy of Black Swan Energy Ltd.