The number of deals over $5 million in size announced in the Canadian oil and natural gas industry in the first quarter of 2009 is the lowest recorded in a quarter since the first three months of 1995. The vast majority of recent transactions have been corporate in nature, with very few property deals worth more than $5 million announced. The low activity level, coupled with an even smaller number of property acquisitions of a similar size is not an unexpected outcome in light of the high valuations that prospective vendors are carrying on assets in spite of depressed commodity prices.
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