M&A Deal Summary

Natural Gas Partners and Strathcona Resources Acquire Caltex Resources

On November 30, 2021, private equity firm Natural Gas Partners and Strathcona Resources acquired oil/gas exploration company Caltex Resources from PFM Capital

Acquisition Highlights
  • This is Natural Gas Partners’ 38th and Strathcona Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Natural Gas Partners’ 6th and Strathcona Resources’ 1st transaction in Canada.
  • This is Natural Gas Partners’ 6th and Strathcona Resources’ 1st transaction in Alberta.

M&A Deal Summary
Date 2021-11-30
Target Caltex Resources
Sector Oil/Gas Exploration
Buyer(s) Natural Gas Partners
Strathcona Resources
Sellers(s) PFM Capital
Deal Type Add-on Acquisition

Target

Caltex Resources

Calgary, Alberta, Canada
website
Caltex Resources is a private oil & gas company focused on the exploration, development, and acquisition of heavy oil properties in western Saskatchewan and eastern Alberta. Caltex Resources was formed in 2011 and is based in Calgary, Alberta.

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Buyer(S) 2

Buyer

Natural Gas Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 20.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Natural Gas Partners is a specialist private equity firm focused on investments in the energy industry. The Firm looks for opportunities in oil and gas production, as well as midstream and oilfield service companies. Natural Gas Partners will also consider start-up company investments. The Firm's investments range from $20 to $100 million. Natural Gas Partners is an affiliate of energy investment firm NGP Energy Capital Management. The Group was formed in 1988 and is headquartered in Irving, Texas with additional offices in Houston; Santa Fe, New Mexico; Stamford, Connecticut; and London.

DEAL STATS #
Overall 59 of 59
Sector (Oil/Gas Exploration) 38 of 38
Type (Add-on Acquisition) 1 of 1
State (Alberta) 6 of 6
Country (Canada) 6 of 6
Year (2021) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-21 Via Separations

Watertown, Massachusetts, United States

Via Separations take a materials approach to the world's wasted energy. Via eliminates energy use in industrial processes, enabling pathways for a more sustainable, resource efficient future. With its core filtration technology, Via can slash the energy used in separation processes by 90%. Via Separations is based in Watertown, Massachusetts.

Buy -
Buyer

Strathcona Resources

Calgary, Alberta, Canada

website

Category Company
Sector Oil/Gas Exploration
DESCRIPTION

Strathcona Resources is a private-equity-owned energy company in North America and a consolidator and developer of top decile oil and gas assets. The company is focused on thermal oil, enhanced oil recovery, and condensate-rich Montney. Its operations are located in the Cold Lake oil sands region of Alberta, the heavy oil region of SW Saskatchewan, and the Montney basin spanning west-central Alberta and NE British Columbia. Current production at these operations totals 75,000–80,000 barrels of oil equivalent per day, weighted 75% to liquids and an industry-leading Proven Reserve Life Index given the long-life nature of our assets. Strathcona Resources is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 2
Sector (Oil/Gas Exploration) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Alberta) 1 of 2
Country (Canada) 1 of 2
Year (2021) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 Pipestone

Calgary, Alberta, Canada

Pipestone is an oil and gas exploration and production company focused on developing its large contiguous and condensate-rich Montney asset base in the Pipestone area near Grande Prairie. Pipestone is based in Calgary, Alberta.

Buy -

Seller(S) 1

SELLER

PFM Capital

Regina, Saskatchewan, Canada

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 652M CAD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PFM Capital is a private equity firm focused on investing in Western Canada with an emphasis on opportunities in Saskatchewan. PFM targets small and medium sized companies and will invest across the capital structure. Areas of interest include agriculture, oil/gas, manufacturing, and real estate. PFM looks to invest $5 to $20 million per transaction. PFM was formed in 1989 and has been investing since 1993. The Firm is based in Regina.

DEAL STATS #
Overall 8 of 8
Sector (Oil/Gas Exploration) 6 of 6
Type (Add-on Acquisition) 6 of 6
State (Alberta) 5 of 5
Country (Canada) 8 of 8
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Moody s Equipment

Olds, Alberta, Canada

Moody’s Equipment operates full-service agriculture and construction equipment dealerships under the New Holland banner. Moody's Equipment is based in Olds, Alberta.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-14 Surface Hair

Saskatoon, Saskatchewan, Canada

Surface Hair is committed to developing natural and organic ingredients for their hair care products in a cruelty free manner. Surface supports a culture of education, guest service know-how, and technical expertise to its salon network partners and other distribution channels. Surface Hair was founded in 2008 and is based in Saskatoon, Saskatchewan.

Buy -
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