CALGARY, Oct. 3, 2012 /CNW/ – Canbriam Energy Inc. (the Company) today announced the closing of $150-million equity financing with Ontario Teachers’ Pension Plan (Teachers’), through its private equity investment division, Teachers’ Private Capital (TPC).
Canbriam is focused on the prolific Northeast British Columbia Montney gas fairway with 60,270 net acres and a growing base of liquids-rich production. The proceeds from this commitment will be used for continued steady growth from the existing Montney assets as well as strategic land consolidation.
With its investment, Teachers’ joins the existing group of private equity investors that include Warburg Pincus, ARC Financial, GE Asset Management, and Blackrock.
“Having a strong, aligned shareholder like OTPP added to the current investor group, positions Canbriam for continued success,” said Paul Myers, President and CEO of Canbriam.
“We are excited about the opportunity to partner with an experienced management team and the existing group of shareholders to capitalize on Canbriam’s attractive asset base. The Company is well positioned to drive production growth and benefit from growing strategic interest in the region,” said Jane Rowe, Senior Vice-President, TPC.
After a successful exploration and appraisal pilot program that helped delineate approximately 44 TCF of Original Gas In Place (OGIP) on the Canbriam lands, the Company commissioned its 100% owned and operated 50 mmcf/d refrig facility in May 2012, initiating the first phase of its Montney development. Canbriam is currently producing 7000 boe/d (30% NGLs with a high condensate component) through its facility and in the planning stages of the next 50 mmcf/d capacity addition.
About Canbriam
Canbriam Energy Inc. is a private company focused on unconventional resource exploration and development. The company is headquartered in Calgary, Alberta, Canada and was founded in 2008. The Canbriam team includes E&P professionals with proven track records of identifying and exploiting large scale unconventional reservoirs, one of the most significant supply growth areas for North American energy.
About Teachers
With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com.
Investor & Media Contacts
Paul Myers
President and Chief Executive Officer
Canbriam Energy
+1 (403) 269-2874
pmyers@canbriam.com
Deborah Allan
Director, Communications and Media Relations
Ontario Teachers’ Pension Plan
+1 (416) 730-5347
deborah_allan@otpp.com