M&As this week: Royale Energy, Petrocapita Income Trust, A.P. Moller - Maersk
Royale Energy has agreed to acquire Matrix Oil for approximately $48.95m, which will be funded by the company through the issuance of shares and series B 3.5% redeemable convertible preferred stock.
Matrix Oil’s assets include 10,036 net acres of land bearing 14 fields and more than 80 proved undeveloped drilling locations in California and west Texas. It holds a 50% stake in Sansinena field located in Los Angeles, California, US.
Royale Energy has appointed Northland Capital Markets and Strasburger & Price as financial and legal advisors for the transaction respectively.
The acquisition will bring Royale Energy’s net production to approximately 650 barrels of oil equivalent a day (boed).
Petrocapita Income Trust has completed the acquisition of approximately 79% of the issued and outstanding shares of Crucible Resources Corporation.
The deal involves a purchase consideration of $0.32m, which was funded by the company through the issuance of 6% convertible debentures.
Crucible Resources owns oil assets in the Shaunavon area, Saskatchewan, Canada, and holds stake in an oil battery associated with the East Dollard Oil unit.
A.P. Moller - Maersk and DONG Energy are in discussions to merge their oil and gas operations.
Bank of America Corporation is the financial advisor to Maersk, while JPMorgan Chase & Co. is the financial advisor to Dong Energy on the transaction, according to sources.