.png)
Kyle Bakx · CBC News · Posted: Nov 02, 2019 4:00 AM ET | Last Updated: an hour ago Billions of dollars in oil and gas assets are for sale. Companies too. (Kyle Bakx/CBC) It was a rough week for the Canadian oilpatch, to say the least, with the Keystone pipeline shutting down after a leak, Encana deciding to become American , and a new drilling forecast for 2020 that is woeful at best. To cap things off, Pengrowth Energy announced its pending sale. The Calgary-based company was a homegrown success story and was once worth billions of dollars. Its share price was more than $13 in 2011. On Friday, Cona Resources said it would buy Pengrowth in a deal that would value each share as worth a nickel. That’s even lower than the 20 cents they were worth earlier in the week. Essentially, a piece of leftover Halloween candy is worth more than a share in Pengrowth. Facing few options The company spent much of this year trying to find a way to survive. Still, the proposed sale price is startling. "It’s nice to see them get something done, but a little surprised the offer is considerably less […]
