M&A Deal Summary

Twin Butte Acquires Black Shire Energy

On October 9, 2013, Twin Butte acquired oil/gas exploration company Black Shire Energy from Lime Rock Partners for 358M USD

Acquisition Highlights
  • This is Twin Butte’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Twin Butte’s largest (disclosed) transaction.
  • This is Twin Butte’s 3rd transaction in Canada.
  • This is Twin Butte’s 3rd transaction in Alberta.

M&A Deal Summary
Date 2013-10-09
Target Black Shire Energy
Sector Oil/Gas Exploration
Buyer(s) Twin Butte
Sellers(s) Lime Rock Partners
Deal Type Add-on Acquisition
Deal Value 358M USD
Advisor(s) FirstEnergy Capital Corp. (Financial)

Target

Black Shire Energy

Calgary, Alberta, Canada
website
Black Shire is an oil and gas producing company focused on the acquisition and exploitation of mature conventional assets in Western Canada. Led by Suzanne West, its first project is the Provost oil field in eastern Alberta.

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Buyer(S) 1

Buyer

Twin Butte

Calgary, Alberta, Canada

website

Category Company
Founded 2006
Sector Oil/Gas Exploration
Employees95
Revenue 241M CAD (2015)
DESCRIPTION

Twin Butte is an intermediate oil & gas company. Twin Butte Energy Ltd. was founded in 2006 and is headquartered in Calgary, Canada. Twin Butte was founded in 2006 and is based in Calgary, Canada.

DEAL STATS #
Overall 3 of 3
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 3 of 3
State (Alberta) 3 of 3
Country (Canada) 3 of 3
Year (2013) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 Waseca Energy

Lloydminster, Alberta, Canada

Waseca is a private company with operations focused in the Lloydminster heavy-oil play. The Waseca technical team previously worked together at Husky Oil Ltd.’s heavy oil operations and at North American Oil Sands.

Buy $127M

Seller(S) 1

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 8.9B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.

DEAL STATS #
Overall 24 of 57
Sector (Oil/Gas Exploration) 6 of 20
Type (Add-on Acquisition) 10 of 24
State (Alberta) 4 of 6
Country (Canada) 4 of 7
Year (2013) 5 of 6
Size (of disclosed) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-13 Reservoir Exploration Technology ASA

Oslo, Norway

Reservoir Exploration Technology (OSE: RXT) is a marine geophysical company specializing in multi component sea-floor acquisition services for the international oil and gas industry. Lime Rock Partners was an original investment partner of the company at its formation in April 2004, and it reinvested in RXT in December 2008.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-14 BRIDGE Energy Group

Marlborough, Massachusetts, United States

BRIDGE Energy Group, Inc. is a provider of operational technology (OT), Information technology (IT) and domain consulting and systems integration expertise to improve their grid reliability, work, and asset management and customer operations. BRIDGE Energy Group was founded in 2004 and is based in Marlborough, Massachusetts.

Sell $164M
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