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CALGARY, AB – Kiwetinohk Energy Corp. ( TSX: KEC ) has entered into an agreement to acquire an additional 28.5% average working interest in Kiwetinohk-operated Montney assets in the Placid area for total cash consideration of $61.4 million (purchase price net of adjustments is approximately $59 million) (the Acquisition). The Acquisition includes 1,200 boe/d (45% oil & liquids) of current Montney production and increases Kiwetinohk’s Placid area natural gas processing and condensate handling capacity to 100 MMcf/d and 5,000 bbl/d respectively (an increase of 30 mmcf/d and 1,750 bbl/d). Kiwetinohk will obtain an incremental 14.12% ownership in the 14-28 Bigstone sweet natural gas processing facility, bringing its total working interest to 39.31%. Total owned processing capacity at the Bigstone sweet natural gas processing facility increases from 20 MMcf/d to 31 MMcf/d. The Acquisition is expected to close on or about September 15, 2022, with an effective date of July 1, 2022. With this Acquisition, Kiwetinohk has now increased its working interest to 100% in 53,000 Montney acres in the area where all its new Montney drilling has occurred in the past two years. The Acquisition consolidates Kiwetinohk’s position in the Placid Montney area and increases its average working interest […]
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