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By Shariq Khan and Rod Nickel (Reuters) -Strathcona Resources has agreed to buy private equity-backed Serafina Energy for C$2.3 billion ($1.8 billion), sources with direct knowledge of the matter said on Wednesday, the largest acquisition yet by the Canadian private oil and gas producer. Serafina produces 40,000 barrels of oil equivalent (boe) per day in the province of Saskatchewan. Strathcona is focused on the Montney basin in Alberta and British Columbia, Cold Lake oil sands and the Lloydminster heavy oil region. Strathcona produces 110,000 to 115,000 boe per day, mainly liquids. Strathcona and Serafina did not respond to requests for comment on the deal, which the sources told Reuters is scheduled to close on Aug. 29. Reuters reported in March that Pine Brook Partners and Camcor Partners were considering selling Serafina. Calgary, Alberta-based Strathcona — owned by Waterous Energy Fund — has been among the top buyers of oil and gas assets in Canada since it formed in 2020, hoping to profit from oil at near or above $100 per barrel since Russia’s invasion of Ukraine. Serafina commanded a "strong price," justified by the long life of its assets and good fit geographically for Strathcona, said Tom Pavic, president […]
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