This report by the Canadian Press was first published Oct. 2, 2020. Montney-focused producers comprise three of the top five Canadian energy stocks of 2014, even as North American gas prices have fallen in recent weeks on a cooler-than-expected summer, paring some of the gains. Real time prices by BATS. 6 stock analysts on Stockchase covered Painted Pony Energy In the last year. We apologize, but this video has failed to load. Analyst Ian Archer of consultancy IHS Markit expects North American gas prices to improve this year as demand picks up, particularly for liquefied natural gas, and as a production slowdown continues in the United States. There was an error, please provide a valid email address. Copyright 2020 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. Exxon Mobil, which is also proposing an LNG terminal, acquired Celtic Exploration last year in part for its Montney holdings. CALGARY - Shareholders in Calgary-based Painted Pony Energy Ltd. have approved its sale to much larger Canadian Natural Resources Ltd. for 69 cents per share. These areas jointly produce nearly 270 million cubic feet of natural gas and 4,600 barrels of natural gas liquids per day. It agreed instead to a takeover offer from the country’s largest petroleum producer for $111 million in cash, and the assumption of about $350 million in debt. Petroliam Nasional, also known as Petronas, acquired Progress Energy Resources in 2012 to secure a vast shale position and last year bought additional land from Talisman Energy. Moreover, the integration between the two companies is expected to make a significant impression on Canadian Natural’s natural gas assets and production base in its core operating areas as Painted Pony’s land and production are located in the same regions. The $461-million acquisition of Painted Pony Energy by Canadian Natural Resources on Monday is a prime example of the opportunities in the gas business — for those who have the financial might to capitalize on them. NASDAQ data is at least 15 minutes delayed. Pat Ward, Painted Pony’s chief executive, said in a release when the deal was announced Wednesday that “UGR’s assets fit like a glove with our existing asset base.” He said the deal is consistent with the company’s long-term strategy of “cost-effective” growth at a time of depressed energy prices. Another major energy deal is said to have taken place between Devon Energy Corporation (DVN - Free Report) and WPX Energy (WPX) wherein the two companies decided to merge in a bid to strengthen their position in the Permian Basin. “The prices have improved and a big part of it is because of the U.S., with the decrease in drilling in the U.S., (there’s) less associated gas in the system. Visit www.zacksdata.com to get our data and content for your mobile app or website. It is a trending stock that is worth watching. Delayed quotes by Sungard. Canadian Natural Resources Ltd. has struck a $461-million deal to buy Painted Pony Energy Ltd. as it looks to grow its position in the liquids-rich Montney natural gas region of northeastern B.C. The transaction is expected to close next week following court approval. This copy is for your personal non-commercial use only. If you wish to go to ZacksTrade, click OK. Painted Pony’s assets are said to well complement the currently Zacks Rank #3 (Hold) Canadian Natural’s diversified portfolio. See its 7 best stocks FREE. expressly prohibited without the prior written consent of Toronto permissions/licensing, please go to: www.TorontoStarReprints.com. Comments may take up to an hour for moderation before appearing on the site. David Harris, the chief executive of AltaGas which owns a four per cent stake in Painted Pony, contacted the Herald unsolicited and lauded the “smart, wise” transaction he said positions the company “nicely for future growth.”. Crew is third, with a 54 per cent gain, and Birchcliff is fourth after surging 51 per cent. They had a tough second quarter and production came in because they shut in some production. All gas drilling, Vaughn Palmer: Uncertainty dominates LNG discussions, Canadian Natural Resources calls off auction of B.C. Developers of the gas-rich Montney shale that straddles Alberta and B.C. On July 31, Apache said it would exit the Chevron-led Kitimat LNG project, the first to have received a permit to export the fuel from federal regulators in 2011. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. “If the price keeps improving, then you will look to do more opportunities.”. . Only two or three LNG export terminals will probably be built, said John Stephenson, portfolio manager and chief executive officer of Stephenson & Co. in Toronto. We ask you to keep your comments relevant and respectful. “They are not runaway prices. They rose by as much as 16.9 per cent on Monday to match the offering price. Find just the ornaments a great Christmas tree needs, from festive and classy tree toppers to garlands, ribbons and tree skirts. LNG development is far from certain, with no decisions to date on whether any proposed terminals will be built. ZacksTrade and Zacks.com are separate companies. If you don't buy now, you may kick yourself in 2021. Chris Varcoe is a Calgary Herald columnist. He expects U.S. gas prices to average between US$3 and $3.50 per mmBTU next year, with western Canadian prices about a dollar lower, although still “much stronger than we’ve seen in a couple of years.”. “There’s no question they need more gas,” Stephenson said, referring to the terminal proponents.
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