Paramount buys Apache Canada and merges with Trilogy

Paramount is well on its way to joining the 6-digit production club through a transformative acquisition and merger agreement announced on 6 July 2017. Paramount is buying 1.6 million acres from Apache Canada for Cdn$459.5 million (US$354 million). The transaction assets currently produce 42,200 boe/d (26% liquids). This deal, along with two others in June, signal Apache's exit from Canada. Apache is retrenching towards its core operating areas in the United States, North Sea and Egypt. Paramount also entered into an all-share merger with Trilogy Energy. Paramount previously held a 15% interest in Trilogy. The deal represents an implied value of Trilogy Energy of Cdn$1.2 billion (US$900 million). The merger is conditional upon Paramount completing the acquisition of Apache Canada. Upon closure, Paramount will compliment and diversify its portfolio with an additional 580,000 acres primarily in the Montney and Duvernay plays. Trilogy currently produces 25,000 boe/d (38% liquids).