IPC is set to acquire Cor4 Oil Corp. for approximately USD 62 million, adding significant oil reserves and production capability in southern Alberta.
Target Information
International Petroleum Corporation (IPC) has announced its proposal to acquire Cor4 Oil Corp., a private oil and gas company based in Canada, for an estimated asset value of approximately USD 62 million (CAD 84 million). As of December 31, 2022, the acquisition includes total proved plus probable (2P) reserves amounting to 15.9 million barrels of oil equivalent (MMboe), which signals a substantial addition to IPC's existing resource base.
The assets included in the acquisition are anticipated to yield an average net production of around 4,000 barrels of oil equivalent per day in 2023. Moreover, these assets feature a selection of drilling locations strategically located near IPC’s current operations in southern Alberta, positioning IPC to enhance its exploration and production capabilities in the region.
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Industry Overview in Canada
The Canadian oil and gas industry is recognized for its substantial reserves and production output. In recent years, the sector has experienced
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International Petroleum Corporation
invested in
Cor4 Oil Corp.
in 2023
in a Corporate VC deal
Disclosed details
Transaction Size: $62M