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Add-on Acquisition • Oil/Gas Exploration

International Petroleum Acquires BlackPearl Resources

On October 10, 2018, International Petroleum acquired oil/gas exploration company BlackPearl Resources for 1.4B USD

Acquisition Context
  • This is International Petroleum’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is International Petroleum’s largest (disclosed) transaction.
  • This is International Petroleum’s 2nd transaction in Canada.
  • This is International Petroleum’s 2nd transaction in Alberta.

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M&A Deal Summary
Date October 10, 2018
Target BlackPearl Resources
Sector Oil/Gas Exploration
Buyer(s) International Petroleum
Deal Type Add-on Acquisition
Deal Value 1.4B USD
Advisor(s) AltaCorp Capital
FirstEnergy Capital Corp. (Financial)
Bennett Jones (Legal)

Target Company

BlackPearl Resources

Calgary, Alberta, Canada
BlackPearl Resources, Inc. is an oil and natural gas company. BlackPearl's current core properties are: Onion Lake, Saskatchewan - a conventional heavy oil property as well as a multi-phase thermal project. Blackrod, Alberta - a bitumen property located in the Athabasca oil sands region of which the Company is currently operating a pilot project using the SAGD recovery process. Mooney, Alberta - a conventional heavy oil property currently developed using both horizontal drilling and ASP flooding. BlackPearl Resources, Inc. was founded in 1984 and is based in Calgary, Alberta.
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Buyer Overview 1

Buyer

International Petroleum

Vancouver, British Columbia, Canada
Category Company
Founded 2017
Sector Oil/Gas Exploration
Employees271
Revenue 913M USD (2024)
DESCRIPTION

International Petroleum is an international oil and gas exploration and production company with a high-quality portfolio of assets located in Europe and Southeast Asia, providing a solid foundation for organic and inorganic growth. International Petroleum was founded in 2017 and is headquartered in Vancouver, British Columbia.

Deal Context for Buyer #
Overall 2 of 4
Sector: Oil/Gas Exploration 2 of 4
Type: Add-on Acquisition 2 of 3
State: Alberta 2 of 4
Country: Canada 2 of 4
Year: 2018 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 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.

Buy CA$512M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-20 Granite Oil

Calgary, Alberta, Canada

Granite Oil Corp. is a junior oil producer based in Calgary, Alberta, that owns and operates a large Alberta Bakken oil pool in southern Alberta discovered by Granite.

Buy $59M

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