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Leucrotta Exploration was sold to Vermilion Energy in May 2022 . Freshly-incorporated Coelacanth Energy was spun out as a new company as part of the arrangement. Leucrotta was a pure-play Montney producer with assets predominantly located in the Mica and Two Rivers properties. The arrangement, for which Vermilion paid a net cash purchase price of $477 million, saw Vermilion acquire the Mica property that had an estimated 2023 production potential of 13,000 BOE/d . Coelacanth, on the other hand, acquired the largely undeveloped Two Rivers properties. With Q2 2023 earnings season now underway, we wanted to assess this transaction and examine what has taken place since the Leucrotta business arrangement closed in May 2022. Map of Mineral Rights Owners in the Gas Condensate and/or High GOR Light Oil Windows of the Montney Fairway (Source: Coelacanth April 2023 Corporate Presentation ) Coelacanth Component Coelacanth’s asset acquisitions were structured as a spin-out in Leucrotta’s sale to Vermilion. Coelacanth, which was incorporated in March 2022, acquired Leucrotta’s Two Rivers project. These assets were largely undeveloped, with the company’s 100,000 net acres containing an estimated 40 non-abandoned drilled wells as of the transaction’s close on May 31, 2022. The company is positioning itself […]
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