Calgary-based Steelhead Petroleum Ltd has been launched with initial financing from ARC Financial Corp, a Canadian energy private equity firm. The investment’s value was not disclosed, however, Steelhead said it is looking to deploy about $150 million to $200 million of equity to capture and develop quality oil resource opportunities. It plans to focus on conventional assets with large original oil in place and low declines that can be optimized through full-cycle field development. Chris Seasons, a senior advisor and director of ARC, will chair Steelhead’s board of directors. In June, ARC closed its eighth fund, ARC Energy Fund 8, at $1.5 billion in committed capital.
Steelhead Petroleum Ltd. Announces Initial Financing by ARC Financial Corp.
CALGARY, AB–(Marketwired – October 22, 2015) – Steelhead Petroleum Ltd. (“Steelhead” or the “Company”) is pleased to announce the closing of its initial financing by ARC Financial Corp. (“ARC”).
Steelhead plans to pursue conventional assets with large original oil in place and low declines that can be optimized through the application of best in class full cycle field development. The assets will also be suitable for recompletions, infill drilling, water flooding and potential enhanced oil recovery schemes. The Company is looking to deploy approximately $150 to 200 million of equity to capture and develop high quality oil resource opportunities.
The Company was founded by Bruce Beveridge, President & CEO, an engineer with over 33 years of experience in the upstream oil & gas industry. The management team at Steelhead includes William Lacey, Chief Financial Officer, Troy Smith, Vice President Land and Nathan Humphrey, Vice President Exploration. The Board of Directors of Steelhead are Chris Seasons (Chairman), Senior Advisor and Director of ARC Financial Corp. and former President of Devon Canada Corp., Robert Cook, Senior Vice President & Director of ARC Financial Corp., and Bruce Beveridge.
“We are excited to be partnering with ARC Financial Corp., the leading private equity investor in the Canadian energy sector,” Mr. Beveridge said. “This period of time represents a unique opportunity for Steelhead. We believe we can work with other producers in this basin to allow them to free up capital to pursue core projects within their portfolios and enhance their financial flexibility. We look forward to executing our business plan of acquiring a conventional oil platform and implementing best-in-class operating practices that will result in excellent financial results and environmental leadership in the years to come.”
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Photo courtesy of Reuters/Todd Korol