Author: Mark Young

U.S. Oil Companies See Reserve Values Fall by Over Half a Trillion Dollars in 2015

New analysis from Evaluate Energy shows that 57 U.S.-based E&P companies have seen the present value of their global proved (1P) reserves fall by a combined 63% between 2014 and 2015, a staggering $515 billion. The full breakdown of the company data provided on an annual basis shows that the overwhelming majority of this fall in value is clearly linked to the commodity price downturn.

Every year, oil and gas producing companies based in the United States have to report figures in their 10-K annual reports under the heading “Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves.” This section of each company’s report estimates the present value of its 1P reserves, based on a number of factors and subject to a 10% discount rate, due to the future-looking nature of the data in question (see note 1). This year, 57 U.S.-based E&P companies that have all been reporting the relevant data at least since 2010, saw the combined present value of their 1P reserves plummet to just over $300 billion due to the price downturn.


Source: Evaluate Energy (see note 1)

An important fact to remember here is that these values are calculated using average commodity prices for each year. Were this data based on year-end prices, we would have seen a sharp fall in 2014 as well. But seeing as the price downturn did not begin in earnest until Q4 2014, the present value of reserves in that year were largely unaffected, and 2015, after a full year of low prices, saw a steep drop in values.

Biggest Impact of Prices on Present Values of 1P Reserves Between 2014 and 2015

If we now look at the 2-year period from 2014 to 2015, an additional 7 companies can be added to  the analysis that have only started to report the relevant data more recently than 2010. Out of the group of 64 companies, the full list of which can be seen here, it was EQT Corp. (NYSE:EQT) that saw the biggest drop in its discounted future net cash flows of 1P reserves, experiencing a drop of almost 80% to $978 million.


Source: Evaluate Energy

Other notable companies in the group of 64 (not shown in the top 10 chart above) include ExxonMobil Corp. (NYSE:XOM), which saw its global 1P reserve value fall by 66% to $71 billion, Chevron (NYSE:CVX), which saw a 54% drop to $67 billion and ConocoPhillips (NYSE:COP), which saw a 69% drop to $26 billion.

However, these drops are not necessarily completely related to prices, as there are a number of other factors that can have a negative impact on reserve value from one year to the next, a large asset sale for example. A closer look at the data and how the present value changed between 2014 and 2015 will give a better indication of the companies that were hit hardest by changes in values related specifically to the price downturn; each company has to report both the impact on 1P reserve value caused by:

  • a change in pricing and production costs, and
  • revisions being recorded in the company’s reserve reports.

These two items would carry the majority of the impact of the price downturn on U.S. company reserve values.

If we remove the negative impacts of revisions and changes in commodity pricing and production costs from each company’s discounted future net cash flow totals, the following ten companies would see their reserve values increase by the largest factor, thus identifying them as the companies that have had their reserve values hit hardest by the price downturn.

Source: Evaluate Energy (see note 2)

The major takeaway from this is that every company has been affected; this top 10 chart alone includes a range in market capitalization values from barely over $1 million to over $48 billion. On average, the 64 companies would see their 1P reserve value increase by 3.2x if we removed the negative price-related impacts recorded between 2014 and 2015. Other notable individual companies in the group of 64 include ExxonMobil, which would see its global 1P reserve value increase by 3.6x if we remove price-related negative impacts, Chevron, which would see reserve value increase by 2.5x and Anadarko Petroleum (NYSE:APC), which would see reserve value increase by 4.0x.


1) The discounted future net cash flow is not a perfect indicator of the future value of 1P reserves, but rather an estimate based on a series of current factors (such as current development costs and current tax rates) and the average commodity prices for the year in question. The discounted net future cash flow data throughout this report from each company always refers to the company’s global asset base.

2) The values in this chart were calculated by taking the reported discounted future net cash flow for each company and adding back the effect of a) the net change in pricing and production costs and b) revisions, as reported in the companies’ annual reports, in order to simulate a scenario in which these price-related impacts did not occur.

3) All data in this article was created using the Evaluate Energy financial and operating database.


Read More

Top 5 Canadian Junior Oil & Gas Divestitures Since January 2015

While upstream deal activity has been low in general in Canada since the start of 2016, TSX and TSX-V listed junior companies have been common takeover targets during the price downturn and very active in selling assets. A junior oil and gas producer is a company that produces between 1,000 and 10,000 boe/d. In total, according to new analysis using the CanOils M&A database, between the start of January 2015 and the end of February 2016, there were 35 deals involving a publicly-named junior oil and gas producer in Canada as the selling entity (see note 1). The total value of these deals was just over Cdn$2 billion and the deals that included producing assets ranged from a cost of Cdn$12,000 to over Cdn$100,000 per flowing barrel of oil equivalent.

A more data-focused recap of the biggest Canadian junior divestitures in 2015 and 2016 forms part of CanOils’ latest monthly M&A review for February 2016.


The 5 biggest deals involving a junior Canadian producer as the selling party were as follows (see note 2):

1) Athabasca Oil Corporation (Q3 2015 Production: 5,145 boe/d, 48% oil/liquids)

Murphy Oil Corp. (NYSE:MUR) and Athabasca Oil Corp. (TSX:ATH) entered into a joint venture agreement in January 2016 targeting the Duvernay and Montney shale plays of Alberta. Murphy will pay Cdn$475 million (Cdn$250 million in cash, Cdn$225 million by way of cost carries) to earn a 70% operated interest in Athabasca Oil’s Duvernay lands in the Greater Kaybob area and a 30% non-operated interest in Montney lands in the Greater Placid area.


Source: CanOils Assets. The yellow blocks outside of the red polygon are the Duvernay, Greater Kaybob lands involved in the deal, the blocks inside the red polygon are the Montney lands.

2) Kicking Horse Energy Inc. (Q2 2015 Production: 2,482 boe/d, 54% oil/liquids)

Poland’s PKN Orlen SA, through its subsidiary ORLEN Upstream Canada Ltd., took another step to increase its foothold in the Canadian E&P space by completing its Cdn$356 million acquisition, including debt, of Kicking Horse Energy Inc. (formerly TSX-V:KCK). The deal was first announced in October 2015 and closed at the start of December.  The acquisition increased the Polish refiner’s Canadian subsidiary’s production in Canada to around 11,000 boe/d and pushed its 2P reserves up to nearly 80 mmboe. This is the company’s third major acquisition in Canada since 2013.

3) Arcan Resources Ltd. (Q1 2015 Production: 3,581 boe/d, 97% oil/liquids)

Privately held Aspenleaf Energy Ltd. acquired Alberta Deep Basin and Kaybob producer Arcan Resources Ltd. (formerly TSX-V:ARN) in a Cdn$300 million deal including debt assumption that closed in June 2015. The cash paid per share in the non-debt portion of the transaction represented a 100% premium to the TSX-V listed company’s share price the day before the acquisition was announced in late April.

4) Boulder Energy Ltd. (Q3 2015 Production: 6,974 boe/d, 78% oil/liquids)

In February’s biggest deal, a private equity fund raised and advised by ARC Financial Corp. agreed to acquire all the issued and outstanding shares of Boulder Energy Ltd. (TSX:BXO). This Cdn$268 million deal is featured in detail in CanOils’ February M&A review, which can be downloaded here.


5) Pinecrest Energy Ltd. (Q4 2014 Production: 1,885 boe/d, 97% oil/liquids)

In a complex reorganisation arrangement first announced in February 2015, Pinecrest Energy Inc. (formerly TSX-V:PRY) sold 100% of its assets to Virginia Hills Oil Corp. and Cardinal Energy Ltd. Virginia Hills assumed 90% of Pinecrest’s assets for around Cdn$90 million of stock and assumed debt at a cost of around Cdn$59,000 per flowing boe for the 1,530 boe/d included in this part of the process. Virginia Hills (TSX-V:VHO) continued on as the resultant public company. The remaining 10% of Pinecrest’s assets as well as all of Pinecrest’s issued and outstanding stock was then acquired by Cardinal Energy for Cdn$23.5 million in cash. The arrangement completed in April 2015.

Further Junior Sales on the Horizon

This trend of the junior TSX and TSX-V companies being active sellers in the M&A market is set to continue throughout 2016. As lower commodity prices have endured, more and more of Canada’s smaller producers have fallen into difficulty. February 2016, for example, saw the appointed receiver and manager of Spyglass Resources Ltd. (TSX:SGL) announce this month that they are seeking buyers for the company’s assets, after it entered receivership in November 2015. This, as well as all new Canadian asset listings in the last month, also forms a major component of CanOils’ M&A Review for February 2016.


1) There may have been many more deals involving a selling junior oil and gas producer in Canada, but it is not uncommon for either the acquiring or the selling party in a transaction to remain anonymous.

2) The production level listed next to each selling company’s name is the production that was most recently reported by that company in quarterly reports at the time of the transaction being announced.

3) All data and analysis here was created using the CanOils M&A database.

Read More

Upstream M&A in Canada Falls Away at Beginning of 2016

Analysis in CanOils’ newest report “Upstream M&A in Canada Falls Away at Beginning of 2016” shows that the Canadian oil and gas upstream sector only saw Cdn$1.7 billion worth of M&A transactions in December 2015 and January 2016 combined. While this value is low, the two months did see their fair share of intriguing and significant deals, all of which are covered in detail in the report. The report is available for download now.


The biggest story of December and January was undoubtedly Suncor and Canadian Oil Sands finally reaching a merger agreement that everybody was happy with. The largest single new deal announced in the two-month period was a Cdn$770 million deal that will see Long Run Exploration Ltd. acquired by a group of Chinese investors. Long Run had only begun a process to sell 80% of its production portfolio a month earlier, so this deal to suddenly sell off the entire company was somewhat surprising. In the period’s second biggest deal, Murphy Oil and Athabasca Oil Corporation entered into a joint venture focused on the Duvernay and Montney shale in Alberta, while Husky Energy Inc. engaged multiple brokers to help sell off around 62,000 boe/d of production.


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

This combined value of Cdn$1.7 billion for December and January is a 39% drop on November, when the final total reached Cdn$2.8 billion in that month alone. However, the lack of a +Cdn$1billion deal in December and January was the main factor here. November saw a Cdn$1.8 billion deal between Canadian Natural Resources Ltd. and PrairieSky Royalty Ltd., while Suncor Energy Inc.’s Cdn$6.6 billion offer for Canadian Oil Sands Ltd. was first made public in October. Both of these deals bolstered their respective monthly deal totals significantly.

Top 5 New Deals Announced in Canada – December 2015/January 2016


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.


* Tourmaline Oil Corp. was not officially announced as the acquirer for Enerplus’ assets. Enerplus stated that it was selling its assets in two deals for Cdn$193 million. Tourmaline later said it had bought assets in the same areas for Cdn$183 million and are assumed to be the acquirer for one of Enerplus’ two dispositions. Enerplus itself confirmed the closing of a Cdn$183 million deal a day later.


Read More

Opportunities for Oil & Gas Service & Supply Companies in Iran

The lifting of UN sanctions on Iran could well be a lifeline for companies in the oil and gas service and supply sectors. The oil price collapse has tightened E&P company budgets for development in North America, significantly reducing the potential market for oil and gas service and supply companies to operate in. Companies traditionally focused on North American markets are increasingly being drawn into potentially transferring their skills and expertise overseas, and the developments in Iran could open up a huge amount of new opportunities. Before the sanctions were recently lifted, 2014 data shows Iran’s oil and gas industry was a sleeping giant in terms of its potential global reach.


Source: Evaluate Energy, via a Country Analysis subscription

Click Here to Find Out More:Evaluate Energy's Country Analysis Subsciption

Iran not only had the highest amount of oil and gas reserves out of any country in 2014 according to BP and IEA data, it also had the third highest reserve life of all countries with over 1 billion boe of oil and gas reserves based on 2014 production levels.

The news that the UN sanctions were being lifted was accompanied by the announcement that Iran would be opening up 50 oil and gas development projects to foreign investment, with the Iranian government and the national oil company, NIOC, hoping to garner an initial US$25 billion injection through this venture. The announcement attracted all of the world’s biggest and most significant international oil companies to the table; new projects and development plans in one of the world’s most oil and gas abundant areas could be countless within a very short time scale. Of course, general security in the region is being placed under increasing scrutiny as time goes on, but the sheer size of the untapped resource and the very low cost environment make Iran an incredibly attractive prospect for E&P companies wanting to bolster their portfolios at the best value in these challenging times. Service companies looking to move out of the stricken North American marketplace would be wise to consider the Iranian E&P sector as a potential growth market.

Looking to Move Operations Overseas in the Oil Service and Supply Sector?

Evaluate Energy is now offering a unique Country Analysis subscription, which can quickly and cost-effectively assist key business development professionals in learning about, understanding and keeping on the pulse of the oil and gas sector of any country or region, with just a few clicks.

If you are looking for opportunities in Iran, Saudi Arabia or Kuwait in the Middle East, or maybe Latin American opportunities in Mexico or Argentina, or other country or region, Evaluate Energy is a vital tool to ensure that you are fully prepared before any expensive overseas business trip or key investment decision.

Click here to learn more about the data and intelligence available under Evaluate Energy’s new Country Analysis subscription and ensure you get the most out of your overseas business development efforts. 

Click Here to Find Out More:Evaluate Energy's Country Analysis Subsciption

Read More

Canadian Upstream M&A Activity Halves in 2015

M&A in the upstream sector of the Canadian oil and gas industry saw a very significant drop off from 2014, according to new analysis from CanOils. In 2015, the total combined value for all deals in Canada reached just over Cdn$21 billion, almost half of the 2014 total of Cdn$41 billion. The collapse in oil price has clearly been a major contributing factor to this. 2015 has been a year that has seen cash-rich companies attempt to buy assets at opportunistic price levels from struggling companies, while the potential targets in these deals are reluctant to sell assets at these new lower prices. This dynamic has created an impasse in many cases between buyers and sellers, hence the fall in M&A activity.


Source: CanOils M&A Database (see notes 1 and 2)

While the 2015 total is not the lowest overall total in recent years, the Cdn$21 billion is bolstered heavily by deals costing over Cdn$1 billion. There were four such deals in Canada in 2015 and together they made up 62% of the Cdn$21 billion total. In fact, the biggest deal of the year, the Cdn$6.6 billion offer made by Suncor Energy for its Syncrude partner Canadian Oil Sands Ltd., made up around 31% of the Cdn$21 billion total by itself.

If deals or offers with prices of over Cdn$1 billion are excluded from the chart above and deals with values of under this amount are considered independently, then 2015 did see the lowest activity in the last six years. This is similar to the U.S. shale industry, which saw a six-year low in total deal value in 2015 and only one deal with a value over US$1 billion.

Royalty Assets in Vogue

While there was a clear fall in activity in Canadian upstream M&A from 2014 to 2015, there is one asset type that has actually become relatively hot property. Royalty assets have been changing hands frequently and often for large sums since September 2014, when the price collapse began, particularly when compared to similar activity in the 4-5 year period prior to this.

Source: CanOils M&A Database

Selling royalty assets has clearly become a trend in the last eighteen months. The long-term nature of the titles, the lack of short-term risk and the low ongoing costs inherent to royalty assets have all meant that their value has not been as affected by low commodity prices as other asset types; they have served as a prudent strategy to raise capital during the price downturn. Notable royalty deals in 2015 have included Cenovus’ sale of 4.8 million acres for Cdn$3.3 billion in June, Canadian Natural Resources’ sale of its royalty business to PrairieSky Royalty Ltd. for Cdn1.8 billion in November and Penn West Petroleum’s sale of 325,000 acres for Cdn$318 million in April.

Deal Counts Show True Drop in Canadian M&A Activity

The fall in activity between 2015 and 2014 is much clearer if the number of deals announced is considered, rather than value. In fact, 2015 saw the lowest number of deals recorded in any of the six years since 2010. This lack of activity was not confined to any one particular geographic area either, with all three major producing Canadian provinces seeing significant drops in the number of new deals announced during 2015 compared to 2014.

Source: CanOils M&A Database (see notes 2 and 3)

Top 10 Deals Announced in Canada in 2015

Source: CanOils M&A Database (see note 1)


1) This includes deals that are still in progress but does not include deals that have been cancelled or bids that have been rejected. For any deal that is still in progress or incidences where an offer is still on the table, there is of course no guarantee of completion. In six months’ time, for instance, this chart could look completely different should a raft of deals be eventually cancelled for any reason.

2) A deal is assigned to each year based on its announcement date, unless the announcement was made in a later period to the actual deal taking place. For example, if a deal was announced in 2014, but did not complete until 2015, it would form part of the 2014 deal total. If, however, a deal was announced by a company in 2015, but actually closed in 2014, it would form part of the 2014 deal total.

3) A deal is assigned to a province if the deal involves assets within that province. If a deal involves assets from multiple provinces, it is included in the chart twice so that a province does not lose a deal in any case, even if it is a minor part of the deal in question. For example, if a deal involved assets from both Alberta and Saskatchewan, the count was included in both Alberta and Saskatchewan columns. The chart on the right (by province) is not indicative of the number of deals across the whole of Canada in each year because of this.

CanOils M&A DatabaseClick Here to Find Out More

Read More

U.S. Shale Sees Lowest M&A Deal Activity for 6 Years in 2015

Evaluate Energy’s upstream M&A review for 2015 showed that global deal value was down by 4% on the total seen in 2014, mainly due to the well-publicised price collapse forcing many companies to focus on merely surviving rather than any growth or acquisition strategies. Nowhere was this more apparent than in the U.S. shale industry, where the reported total deal value dropped to a six-year low in 2015 of $12 billion, which is a 76% decline on the total in 2014 of around $50 billion.


Source: Evaluate Energy M&A Review 2015

The shale industry in North America was strongly cited as one of the chief instigators for the change in policy by OPEC. The surprise emergence of the resource over a decade ago arrested a slowly declining U.S. production rate and ate away at potential market share that OPEC could have satisfied through its spare production capacity. It was envisaged by OPEC that this low-margin production method would be hit the hardest by a lower oil price and would contribute to a re-balancing of the industry. However, though it has dropped, shale oil and gas production in North America has not been hit as hard by the price downturn as some expected. M&A activity within the shale industry stands in stark contrast to production and has not displayed anywhere near the same durability or resilience.

There was also only one shale deal over $1 billion in 2015, with Noble Energy acquiring Rosetta Resources for $3.8 billion. Before the deal was announced in May, Rosetta’s debt to equity level already stood at a high rate of 137.1% in Q1 2015, which would have inevitably risen as the year played out. Despite this, Noble Energy was keen to gain Rosetta’s assets in the Eagle Ford shale play and Permian basin while they were still at a historically low price. Production during the year from the Eagle Ford play and the Permian basin have proven to be relatively robust compared to other areas of the United States, which highlights the comparative advantage in netbacks in these areas. This advantage has also been seen through M&A activity this year. M&A spends in the Permian basin and Eagle Ford dropped by 49% and 44% respectively from 2014 to 2015, which are both significant, but far less than the 85% fall in the Bakken play, due to its higher break-even cost of production. Companies have been struggling with significantly falling netbacks in the Bakken all year.

Top 10 Shale Deals in the United States in 2015


Source: Evaluate Energy M&A and Deal Analytics Database

All data in this report was sourced from the Evaluate Energy M&A and Deal Analytics database, and this report forms part of Evaluate Energy’s Global M&A Review for 2015, which provides detailed analysis of 2015’s $163 billion of upstream deals, focusing on the most significant deals and M&A trends of the year.


Read More

Canadian Oil & Gas Companies in Colombia

Gran Tierra Energy Inc. (TSX:GTE) recently agreed a US$84 million deal to acquire Petroamerica Oil Corp. (TSX-V:PTA), a deal which will expand Gran Tierra’s position in the Llanos and Putumayo basins of Colombia. Analysis of M&A deal history in CanOils’ latest report “Canadian Upstream M&A Reaches Cdn$2.7 Billion in November 2015” shows that these basins have proven to be popular acquisition targets for Canadian oil and gas companies over the past few years. No fewer than nine TSX and TSX-V listed companies have made an acquisition in these basins since 2012:

  • Canacol Energy Ltd. (TSX:CNE)
  • Gran Tierra Energy Inc. (TSX:GTE)
  • Pacific Exploration & Production Corp. (TSX:PRE)
  • Parex Resources Inc. (TSX:PXT)
  • Petroamerica Oil Corp. (TSX-V:PTA)
  • Petrominerales Ltd. (Formerly TSX:PMG, see note 1)
  • Platino Energy Corp. (Formerly TSX-V:PZE, see note 1)
  • Santa Maria Petroleum Inc. (TSX-V:SMQ.H)
  • Suroco Energy Inc. (Formerly TSX-V:SRN, see note 1)

The most active company in terms of spending has been Pacific Exploration & Production Corporation, spending a total of just over Cdn$2.25 billion between 2012 and 2014. This includes the Cdn$1.58 billion acquisition of Petrominerales Ltd. in 2013. The other eight companies’ deals combined for a total reported value of around Cdn$570 million between 2012 and 2015.

Parex Resources Inc. has been the most active company in terms of number of acquisitions announced, having agreed 10 separate deals in the four year period.


Source: CanOils M&A Database via “Canadian Upstream M&A Reaches Cdn$2.7 Billion in November 2015


Source: CanOils M&A Database via “Canadian Upstream M&A Reaches Cdn$2.7 Billion in November 2015

UPDATE TO ARTICLE: 14th January, 2016 – Gran Tierra Energy signed another deal to consolidate its interest in the Putumayo basin block PUT-7 for US$19 milion. This comes a day after news that the company’s acquisition of Petroamerica Oil Corp. completed.



1) The following companies in the list of nine companies are no longer active, but were listed on the TSX or TSX-V at the time of their respective acquisitions being made:

  • Petrominerales Ltd. was acquired by Pacific Exploration and Production Corp. (then known as Pacfic Rubiales Energy Corp.) in 2013 
  • Platino Energy Corp. was acquired by Denham Capital Management LP in 2015
  • Suroco Energy was acquired by Petroamerica Oil Corp. in 2014

Insights from CanOils’ M&A database, as well as data from CanOils’ Assets, Financings, Financial & Operating and Oilsands databases, help to provide a thorough, independent overview of the month’s most significant deals in the Canadian oil and gas industry in this report. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Read More

The Top 100 Canadian Oil & Gas Companies

CanOils is pleased to announce the release of its new report, Canada’s Top 100 Oil & Gas Companies, which has been compiled using Q3 2015 Canadian oil & gas production results from all TSX and TSX-V listed Canadian oil and gas companies in the CanOils database.

Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available

Completion of Maintenance Work Has Huge Impact on Rankings

The majority of climbing or falling in this quarter’s rankings was due to many companies seeing planned or unplanned maintenance work that blighted their production in Q2 come to an end. This meant they moved towards levels they had previously been producing at, recovering to what could arguably be described as their true place in the rankings. Canadian Oil Sands Ltd. – a company that is currently the subject of a takeover bid from Canada’s 2nd biggest producer, Suncor Energy Inc. – rose by 3 places into 12th position in the rankings after planned Syncrude turnarounds cost the company a significant amount of bitumen production Q2, while fellow oilsands operator MEG Energy also climbed this period (5 places to 13th position) after its own planned (albeit extended due to forest fires) Q2 maintenance came to an end.

Many companies fell in the rankings despite stable production levels between Q2 and Q3, due to other companies recording large increases in production of their own. The highest ranked company to fall into this category was Pengrowth Energy Corp., which suffered a 2 place drop to 18th because of the recoveries by Canadian Oil Sands and MEG, while Niko Resources Inc. (down 3 places to 38th), Crew Energy Inc. (3 places to 39th), Twin Butte Energy Ltd. (2 places to 40th) and PrarieSky Royalty Ltd. (2 places to 41st) were among the other notable companies that fell for similar reasons. The other common reason for companies moving up the rankings this period was acquisitions that completed in the quarter.

Overall Statistics

The biggest climbers in the rankings this period were Sterling Resources Ltd. and PetroShale Inc.; both companies recorded a 12 place rise in the rankings to 67th and 95th positions, respectively. Sterling saw the resumption of previously curtailed production in the UK North Sea increase its production by 24% in Q3 over Q2, while PetroShale acquired new wells in the North Dakota Bakken and recorded a 34% increase in production of its own. Granite Oil Corp. suffered the most significant fall this quarter, a drop of 17 places into 80th position, but did not specify the reason why its production fell 47% compared with the previous quarter other than blaming natural decline and a lack of new wells being drilled.

Top 100 Statistics Table

Source: CanOils, via Canada’s Top 100 Oil & Gas Companies, September 2015

Download the complete report on Canada’s Top 100 Oil & Gas Companies from CanOils here, for free, now.


The CanOils database provides clients with efficient data solutions to oil and gas company analysis, with 10+ years financial and operating data for over 300 Canadian oil and gas companies, M&A deals, Financings, Company Forecasts and Guidance, as well as an industry leading oil sands product. Join our mailing list to receive more content and marketing materials from us when we have more data and analysis to share with you.

Read More

Upstream Oil & Gas M&A in Canada Reaches Cdn$2.7bn in November 2015

Analysis in CanOils’ new report “Canadian Upstream M&A Reaches Cdn$2.7 Billion in November 2015” shows that the total value of upstream deals in Canada was over Cdn$1 billion for the second month in a row, after a slow period between July and September.


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

The vast majority of this total emanated from the month’s biggest deal, which was a continuation on the trend of Canadian majors divesting royalty properties for values seemingly unperturbed by the slump in oil prices; PrairieSky Royalty Ltd. acquired certain Canadian Natural Resources Ltd. (“CNRL”) royalty assets for Cdn$1.8 billion. Elsewhere, the rumours of Pine Cliff Energy Ltd. acquiring a portion of ConocoPhillips’ listing of 35,000 boe/d of Canadian production proved to be true with an announcement during the month of a Cdn$185 million purchase.

It was also a busy month for Canadian companies operating outside of Canada. Gran Tierra Energy Inc. became the latest Canadian-listed company to strike a deal in the Llanos and Putumayo basins of Colombia as it agreed to acquire Petroamerica Oil Corp. for around Cdn$110 million. There were also significant deals for Canadian-listed companies in the U.S., Europe and Africa this month.


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Download the full report here

Download Report

Insights from CanOils’ M&A database, as well as data from CanOils’ Assets, Financings, Financial & Operating and Oilsands databases, help to provide a thorough, independent overview of the month’s most significant deals in the Canadian oil and gas industry in this report. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Read More

Oil & Gas Assets for Sale in Western Canada

New Assets for Sale Product Now Live on CanOils

The power of both the CanOils Assets and CanOils M&A Databases has been greatly enhanced with CanOils’ newest product, Assets for Sale.

This latest expansion, which is available to all CanOils subscribers, provides details on all publicly available listings of assets for sale in Alberta, British Columbia, Manitoba and Saskatchewan. The database is updated daily with new assets as soon as they are put up for sale.

At a time when falling commodity prices are causing many struggling Canadian companies to put plenty of assets up for sale, this new Assets for Sale product is a vital addition to your suite of data analysis tools to keep on top of every development in the Canadian oil and gas industry.

For a full demonstration of the CanOils M&A Database, please click here.

Map of all Assets for Sale in Western Canada as of February 29, 2016 (updated since first publish)


Source: CanOils Assets, click here for map legend

Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Key Benefits of the Assets for Sale Expansion to CanOils Subscribers

1. Full Coverage of Western Canada

Sourced from a multitude of brokers, advisors and company websites, CanOils Assets for Sale holds full details on all listings for producing assets, developed and undeveloped land holdings as well as royalty assets in Alberta, British Columbia, Manitoba and Saskatchewan.

From the CanOils Assets Webmap, the full details for any listed asset, including production, acreage, reserves and NPV, can be found through a direct link back to the CanOils Assets for Sale database.

Example of an Asset for Sale Listing in CanOils

Canoils Assets for Sale

2. Complete Coverage of Canadian M&A Activity in the Upstream Sector

CanOils has provided full and comprehensive coverage of transactions in the Canadian upstream M&A market since 2008. Now, with the addition of Assets for Sale, the M&A Database is expanded to include a forward looking element to accompany the thousands of upstream M&A deals already available to CanOils M&A subscribers. All CanOils M&A subscribers have access to both the Assets for Sale data on the CanOils Assets Webmap and the Assets for Sale listings in CanOils.

As soon as a new listing is made public, CanOils M&A subscribers can quickly use the plethora of data on offer in the CanOils M&A database to get a clearer picture of what the future holds for the assets in question. CanOils M&A will be able to help predict a potential sales price for the assets, looking at per barrel metrics of past deals of similar production, formation or geographic location, and maybe even help to identify a potential buyer, looking at past deal trends for companies that have been active in the M&A market in recent years for similar assets to the assets being sold. For more on the CanOils M&A database, download our brochure.

3. Analyse Well Performance in Areas Close to Assets that are Up for Sale

(Note: Full analysis only available to CanOils Assets subscribers)

Once you have identified an available listing that may be of interest, the power of CanOils Assets allows you to analyse every well surrounding it to see if the asset for sale is located in an area with successfully producing wells or wells with high IP rates.


Source: CanOils Assets, click here for map legend

This asset for sale, for example, produces 70% gas, but is located in an area with many oil and gas wells. Using the identify tools on the CanOils Assets Webmap, the historic production for all of wells of a similar production mix in the area can be taken into Excel in a matter of moments for in-depth analysis.

4. Identify the Companies that Own Land Close to Assets that are Up for Sale

(Note: Full analysis only available to CanOils Assets subscribers)

Using CanOils Assets’ new land analysis tools, it is possible to identify the major players surrounding any asset for sale in terms of how much land is owned by each company. This is important for many reasons. For example, it could help identify a likely or potential buyer for the assets or help to analyse the success of the area if the asset is surrounded by operators with a long history of strong operational performances.


Source: CanOils Assets. Find out more about the Land Analysis now available to CanOils Assets subscribers.

For more on CanOils Assets and the new Assets for Sale product, take a test drive of CanOils.

Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Book a Demo of CanOils

Read More