PE-backed Northern Blizzard Resources targeting $500 mln IPO: report

Northern Blizzard Resources Inc, a portfolio company of U.S. private equity firms Riverstone Holdings and NGP Energy Capital Management, is planning to launch an initial public offering, according to a report by Bloomberg.

Citing “two people familiar with the matter,” the report said the Canadian oil and gas company is seeking $500 million from the IPO. Riverstone and NGP plan to sell their $150 million of stock through the same offering.

Pricing of the IPO is expected to happen in the last week of July.

Based in Calgary, Northern Blizzard was founded in late 2009 and is engaged in the exploration for and the acquisition, development and production of petroleum and natural gas reserves in Western Canada.

Riverstone and NGP made their initial investment in the company at the time of its founding. In 2010, Northern Blizzard completed a major acquisition, buying all of Nexen Inc’s heavy oil properties in Western Canada for $975 million.

The New York-based Riverstone is an energy and power-focused private equity firm. With its headquarters in Irving, Texas, NGP invests in the natural resources sector.

Photo courtesy of Shutterstock