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CALGARY, AB – Kiwetinohk Energy Corp. ( TSX: KEC ) today announced the closing of its Placid Montney asset consolidation (the Montney Acquisition) for an adjusted closing price of $58.3 million. Kiwetinohk announced the deal on August 24, 2022 and posted a news release and updated corporate presentation on September 14, 2022, providing detailed consolidated pro-forma highlights. As stated in the news release on September 14, the Montney Acquisition increases the Company’s working interest in the Placid area, adding 1,200 Boe/d of current production, 30 MMcf/d of natural gas and 1,750 bbl/d of condensate plant processing capacity, 35.2 net sections of land (approximately 60% undeveloped) and 42.2 net Montney locations. At a consolidated asset level, the Company expects Placid area production to plateau between 11,500 to 13,000 boe/d, at which time asset level cash flow is expected to be approximately $145 million to $180 million, based on August 19 strip pricing. An estimated $160 million of capital is required to reach plateau production from current pro-forma production of 8,200 boe/d, then requiring approximately $70 million to $85 million of capital per year to sustain plateau production rates and to deliver asset level free cash flow of $75 million to […]
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