M&A Deal Summary

Direct Energy Acquires Carrot Creek Assets

On December 9, 2011, Direct Energy acquired oil/gas exploration company Carrot Creek Assets from Ovintiv for 58M CAD

Acquisition Highlights
  • This is Direct Energy’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Direct Energy’s 6th largest (disclosed) transaction.
  • This is Direct Energy’s 1st transaction in Canada.
  • This is Direct Energy’s 1st transaction in Alberta.

M&A Deal Summary
Date 2011-12-09
Target Carrot Creek Assets
Sector Oil/Gas Exploration
Buyer(s) Direct Energy
Sellers(s) Ovintiv
Deal Type Divestiture
Deal Value 58M CAD

Target

Carrot Creek Assets

Alberta, Canada
Carrot Creek is located 160 km west of Edmonton and lies adjacent to the successful Cardium oil development in which Direct Energy is already involved. This acquisition represents a unique opportunity to invest in a liquids-rich, multi-zone area that has significant development potential, deploying the same horizontal drilling techniques currently utilised by Direct Energy.

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Buyer(S) 1

Buyer

Direct Energy

Houston, Texas, United States

website

Category Company
Founded 1997
Sector Utilities
DESCRIPTION

Direct Energy LP is retail provider of electricity, natural gas, and home and business energy-related products and services. Direct Energy was founded in 1997 and is based in Houston, Texas.

DEAL STATS #
Overall 6 of 15
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 2 of 8
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2011) 2 of 2
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-11 Home Warranty of America

Bedminster, New Jersey, United States

Home Warranty of America is a provider of home warranty service contracts. Home Warranty of America has over 70,000 customers with high-value whole-home warranty plans, a national network of 4,000 contractors, an established national sales force, call center, and information systems, as well as industry-leading service delivery capability. Home Warranty of America was founded in 1996 and is based in Bedminster, New Jersey.

Buy $48M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-03 Vectren Source

Westerville, Ohio, United States

Vectren Source has more than 146,000 residential and small commercial customer accounts, together with an additional 134,000 aggregation customer accounts1. Around 95% of customers are located in Ohio, with the remainder in New York State and Indiana.

Buy $39M

Seller(S) 1

SELLER

Ovintiv

Denver, Colorado, United States

website

Category Company
Founded 2020
Sector Oil/Gas Exploration
Employees1,916
Revenue 12.5B USD (2022)
DESCRIPTION

Ovintiv is a Canadian oil and gas exploration company. It is involved in the production and marketing of oil and natural gas and is based in Calgary. Ovintiv was founded in 2020 and is based in Denver, Colorado.

DEAL STATS #
Overall 3 of 5
Sector (Oil/Gas Exploration) 3 of 5
Type (Divestiture) 2 of 3
State (Alberta) 2 of 3
Country (Canada) 2 of 4
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-30 Cenovus Energy

Calgary, Alberta, Canada

Cenovus Energy, Inc. is an integrated oil company that is focused on its oil projects and its established natural gas and crude oil production in Alberta and Saskatchewan. The company also has ownership in two refineries located in Illinois and Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-24 Pacific Trail Pipelines

Vancouver, British Columbia, Canada

Pacific Trail Pipelines Limited Partnership develops and operates natural gas transmission pipelines in Canada.

Sell -
Mergr

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