RPT-Black Swan closes Carmel Bay deal; raises another C$350 mln

Mon Jul 6, 2015 10:53am EDT
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TORONTO, July 6 (Reuters) - Black Swan Energy Ltd, a privately held exploration and production company, said on Monday it completed its planned C$200 million ($158 million) acquisition of Carmel Bay Exploration, boosting its land position in the highly sought after Montney region in British Columbia.

Black Swan, backed by the Canada Pension Plan Investment Board (CPPIB) and private equity firms KERN and Warburg Pincus , said in tandem with the closing it raised C$350 million in funds from existing investors. The latest infusion lifts the total capital commitment from its shareholders to $850 million.

The slump in oil prices has spurred private equity firms and pension funds around the world to scout for assets on the cheap in the energy sector. Both CPPIB and its smaller Canadian rival, the Ontario Teachers' Pension Plan, have outlined their ambitions in the area, as have a slew of private equity firms.

Last week, Cenovus Energy Inc, Canada's second-largest independent oil producer, agreed to sell a portfolio of oil and gas royalty properties to Teachers' for roughly C$3.3 billion.

Calgary-based Black Swan, which is run by former Talisman Energy executives David Maddison and Marc Mereau, said it ended 2014 with roughly 6,100 barrels of oil equivalent per day (boe/d) in output, up from about 920 boe/d, a year earlier. ($1 = 1.2638 Canadian dollars) (Reporting by Euan Rocha; Editing by Jeffrey Benkoe)