Take stock – March 24

NAL Oil & Gas Trust (TSX:NAE.UN) has struck a deal to take over Alberta Clipper Energy Inc. (TSX:ACN) in a transaction valued at $115 million including $78 million of assumed debt.

NAL Oil & Gas Trust takes over Alberta Clipper Energy

NAL Oil & Gas Trust (TSX:NAE.UN) has struck a deal to take over Alberta Clipper Energy Inc. (TSX:ACN) in a transaction valued at $115 million including $78 million of assumed debt. The deal announced Monday included an injection of $52.5 million from Manulife Financial (TSX:MFC) which will take advantage of Alberta Clipper’s tax pools. The companies said NAL will issue 5.7 million trust units at a deemed price of $6.45 per unit, a total of $37 million. Under the deal, Alberta Clipper shareholders will receive 0.078875 NAL trust units for each Alberta Clipper share. Alberta Clipper shares closed down 4.5 cents or 8.3 per cent at 49.5 cents, while NAL units were up 18 cents at $6.77 on the Toronto Stock Exchange. Concurrent with the arrangement, NAL said Manulife is taking a half-interest in the assets of Alberta Clipper. The $52.5 million from Manulife will be used to pay down debt assumed by the trust in the transaction. Alberta Clipper has current production of 3,100 barrels of oil equivalent per day, 65 per cent natural gas, with proved and probable reserves of 8.6 million boe and tax pools valued at $268 million. It offers a “strategic fit within NAL’s core areas at Sylvan Lake and west-central Alberta and the addition of new gas-focused assets in northeast British Columbia at Trutch and Beg,” the joint statement said. It added that partnering with Manulife “allows NAL to maintain balance sheet strength and financial flexibility to complete future transactions.”

Deepwell Energy services trust names Jay simmons CEO

Deepwell Energy Services Trust (TSX:DWL.UN) named Jay Simmons as chief executive of Deepwell Energy Services Ltd., the operating company for the trust on Monday. Simmons, chairman of DWL Ltd. and a trustee of the trust, succeeds Bob Ritchie, who has decided to pursue other interests, the trust said.

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