« Last post by sculpin on Today at 03:23:25 PM »
Reawakening the Pengrowth topic. Now that they have materially reduced the debt. Current share price (PGF - TSX - $1.38), 10 year price high $21.56. Could be substantial value here assuming WTI goes >$60 this year. Seymour Schulich seems to think so.
Feb 8/17 Schulich, Seymour Indirect Ownership Public market buy Common Shares $1.693 1,000,000 3.8% 27,000,000
Feb 7/17 Schulich, Seymour Indirect Ownership Public market buy Common Shares $1.651 1,000,000 4.0% 26,000,000
Dec 9/16 Schulich, Seymour Indirect Ownership Public market buy Common Shares $2.13 2,000,000 2.5% 82,000,000
Seymour Schulich through The Schulich Foundation acquired 3,000,000 common shares of
Pengrowth Energy Corporation (“Pengrowth”) on Sept. 9, 2016 through the facilities of the Toronto
Stock Exchange (TSX), and now holds a total of 25,000,000 common shares of Pengrowth. Nevada
Capital Corporation Limited, a wholly owned investment corporation, owns an additional 80,000,000
shares. Mr. Schulich’s aggregate holdings at this date are 105,000,000 common shares or 19.1% of the
outstanding common shares of Pengrowth.
PENGROWTH ENTERS INTO AGREEMENT TO SELL REMAINING SWAN HILLS ASSETS FOR $185 MILLION
2017-04-25 17:25 ET - News Release
Pengrowth Energy Corp. has entered into an agreement for the sale of the remaining portion of its Swan Hills assets in north-central Alberta for total cash consideration of $185-million, subject to customary closing conditions and adjustments.
The divested assets generated average daily production of approximately 5,150 barrels of oil equivalent per day (boe per day) (weighted approximately 94 per cent toward liquids) during the fourth quarter of 2016 and had proved plus probable reserves of 21.0 million boe assigned to them as at Dec. 31, 2016, according to the independent reserve evaluators GLJ Petroleum Consultants Ltd.
This transaction essentially completes Pengrowth's exit from the Swan Hills area and provides the company with additional financial flexibility to further reduce indebtedness. When combined with the $522-million of proceeds from the previously announced Lindbergh GORR, Swan Hills and Bernadet asset sales, the $185-million of proceeds from this sale of the remaining Swan Hills assets result in total disposition proceeds of $707-million to date in 2017.