Pacific Oil and Gas completes acquisition of Canbriam Energy

Pacific Oil and Gas announced that it has completed its acquisition of Canbriam Energy.

In a news release Friday, the two companies announced Pacific had acquired all issued and outstanding shares of Canbriam. 

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"We welcome the Canbriam team to Pacific Oil and Gas Ltd," Ratnesh Bedi, president of PO&G, said in a statement.

"Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through international export."

The deal advance's Pacific's liquefied natural gas aspirations through it's $1.8-billion Woodfibre LNG project in Squamish. The facility is licensed to export 2.1 million tonnes of liquefied natural gas per year for 40 years.

"We are pleased to close this acquisition and look forward to a seamless integration with Pacific Oil and Gas," said Paul Myers, Canbriam's president and chief executive officer. 

"We expect to continue to responsibly develop our prolific, low-cost Montney resource to support future natural gas export opportunities in Canada."  

Earlier this week, Pacific announced it signed a sales agreement with BP Gas Marketing Limited for 0.75 million tonnes per year of LNG over 15 years from the Woodfibre facility.

Email Managing Editor Matt Preprost at editor@ahnfsj.ca.

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