Canadian Natural Adds to Montney Stash

摘要

Canadian Natural Resources(CNR)is beefing up its footprint in the northeastern British Columbia portion of the Montney Shale with the acquisition of smaller company Storm Resources in a deal valued at C$950 million($763 million). The transaction, announced Tuesday, will add about 136 million cubic feet per day of natural gas and 5,600 barrels per day of natural gas liquids(NGLs)to CNR’s overall production. The Calgary-based company said the Storm Montney acreage, which totals 120,000 net acres, is located within Canadian Natural’s core area."This acquisition provides existing production and infrastructure that complements our current assets in the area,"Canadian Natural CEO Tim McKay said."These operating areas provide opportunity for synergies within our current diversified portfolio."