PanCanadian Completes Causeway Energy Acquisition
PanCanadian Petroleum Limited completed its Cdn $65 million acquisition of Causeway Energy Corporation. The acquisition also includes the assumption of $4 million of Causeway debt.
The acquired assets comprise Causeway Energy's properties in northern Montana and southern Saskatchewan, which include approximately 210,000 net acres of undeveloped land. The acquisition adds daily production of 8.5 million cubic feet per day of natural gas and reserves of 80 billion cubic feet of gas on a proven and one-half probable basis. A 100 per cent interest in the cross-border Chinook Pipeline is also included in the deal.
Causeway Energy Corporation is now a wholly-owned subsidiary of PanCanadian Petroleum Limited and will cease to be a reporting issuer. As part of the transaction, Causeway sold its Medicine Lodge assets and its Palau
concession to Bushmills Energy Corporation, a publicly traded company.