TAQA North agreed to purchase Calgary-based Pioneer from Pioneer International Resources Company on August 22 of this year for $540m, subject to adjustments.
Pioneer is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin.
The acquisition provides TAQA North with an additional 59 million barrels of (gross) proven and probable oil and gas reserves, more than 10,000 barrels of oil equivalent per day in production, as well as expertise in coal bed methane exploration and production.
"The closing of this arrangement is an important milestone for TAQA as it continues its rapid international expansion," said TAQA Chief Executive Officer Peter Barker-Homek.
"The Pioneer assets are a great addition to TAQA North's existing operations in Canada, and the acquisition provides additional scale and talent to help us capitalize on new and diverse development opportunities."
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TAQA completes acquisition of Pioneer Canada
- United Arab Emirates: Wednesday, November 28 - 2007 at 10:22
- PRESS RELEASE
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market, announced today that its wholly-owned subsidiary TAQA North Ltd. has closed its acquisition of Pioneer Natural Resources Canada Inc. (Pioneer).
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Notes and media contacts
Media contacts:TAQA NORTH
Shane Dolgin, MS&L
416-847-1304 /
UAE
Neil Doyle, Capital MS&L
+971 4367 6164 /
London
Nick Bastin / Claire Maloney, Capital MS&L
+44 207 307 5341
About TAQA North
TAQA North Ltd. (formerly Northrock Resources Ltd.) is a Calgary-based oil and gas exploration company with operations in Northern Alberta and British Columbia; West Central and Southern Alberta; Southwest Saskatchewan; Southeast Saskatchewan; and the Northwest Territories. TAQA North was acquired by TAQA in August 2007 from Pogo Producing Company.
In September 2007 TAQA North signed a C$5.0 billion purchase agreement with PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty trust that actively acquires, develops, produces and sells natural gas, crude oil and natural gas liquids. That transaction is expected to close by January 31, 2008.
Posted by Lara Lynn Golden, News EditorWednesday, November 28 - 2007 at 10:22 UAE local time (GMT+4)
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