M&A Deal Summary

Parex Resources Acquires Remora Energy International

On April 21, 2011, Parex Resources acquired energy services and equipment company Remora Energy International from First Reserve for 255M USD

Acquisition Highlights
  • This is Parex Resources’ 1st transaction in the Energy Services and Equipment sector.
  • This is Parex Resources’ largest (disclosed) transaction.
  • This is Parex Resources’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2011-04-21
Target Remora Energy International
Sector Energy Services and Equipment
Buyer(s) Parex Resources
Sellers(s) First Reserve
Deal Type Add-on Acquisition
Deal Value 255M USD

Target

Remora Energy International

Hamilton, Bermuda
Remora Energy International, L.P. (?Remora?) is a joint venture with Nabors Industries focusing on oil exploitation opportunities in Colombia. The company has assembled a large license position mainly in the Llanos basin and has already made a number of oil discoveries. Production from some of these discoveries has begun and the company is employing modern exploration methods to maximise the potential of its land position.

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Buyer(S) 1

Buyer

Parex Resources

Calgary, Alberta, Canada
Category Company
Founded 2009
Sector Oil/Gas Exploration
Employees449
Revenue 1.4B USD (2023)
DESCRIPTION

Parex Resources is an oil and gas exploration and production company. Parex Resources was founded in 2009 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 2
Country (Bermuda) 1 of 1
Year (2011) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-25 Verano Energy

Calgary, Alberta, Canada

Verano Energy Ltd. i s a provider of oil/gas exploration services in Canada.

Buy $198M

Seller(S) 1

SELLER

First Reserve

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 30 of 56
Sector (Energy Services and Equipment) 12 of 19
Type (Add-on Acquisition) 12 of 18
Country (Bermuda) 1 of 2
Year (2011) 2 of 3
Size (of disclosed) 14 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-01 Stone Mountain Resources

Calgary, Alberta, Canada

Stone Mountain Resources Ltd. is a natural gas exploration and production company in Western Canada that has evolved into an unconventional gas company with interests in both the Horn River Basin and Montney shale-plays in Northeast British Columbia. Stone Mountain Resources was established in 2005 and is based in Calgary, Alberta.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-01 Arsenal Resources

Wexford, Pennsylvania, United States

Arsenal Resources is a natural gas operator headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids. Arsenal Resources was founded in 2010 and is based in Wexford, Pennsylvania.

Buy -
Mergr

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