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Strathcona Resources to buy Serafina Energy for $2.3 billion, sources say

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The deal marks the largest acquisition by the Canadian private oil and gas producer. Read more

Serafina produces 40,000 barrels of oil equivalent per day in the province of Saskatchewan. Strathcona is focused on the Montney basin in Alberta and British Columbia, Cold Lake oil sands and the Lloydminster heavy oil region. Strathcona produces 110,000 to 115,000 boe per day, mainly liquids.

Reuters reported in March that Pine Brook Partners and Camcor Partners were considering selling Serafina. Read full story Serafina commanded a “strong price,” justified by the long life of its assets and good fit geographically for Strathcona, said Tom Pavic, president of Sayer Energy Advisors, which advises on deals for oil and gas producers.

 

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