On February 06, 2023, International Petroleum Corporation (IPC or the Corporation) announced the proposed acquisition of Cor4 Oil Corp. in Canada for asset consideration of USD 62 million nearly (CAD 84 million). The acquisition consists of total proved plus probable (2P); it was the same as 15.9 million barrels of oil as of December 31, 2022. The assets that will be bought are expected to have an average net production of 4,000 barrels of oil, approximately equivalent per day for the current year. They also include a list of drilling sites close to where IPC works now in southern Alberta.
IPC Canada Ltd. and Cor4 have agreed to make an offer to Cor4 shareholders to purchase all the outstanding and issued Cor4 common shares, as well as options and warrants convertible into Cor4 common shares, for an asset consideration of USD 62 million (CAD 84 million). Cor4 represents around 98% of the fully diluted common shares to enter into a support agreement, deciding to tender their shares into the Offer.
By the end of the Q1 of this year, the acquisition is projected to be completed and remains subject to regulatory approvals. Today, at IPC's Capital Markets Day presentation on February 07, 2023, the acquisition will be provided.
Chief Executive Officer of IPC, Mike Nicholson, said, "We are very pleased to announce today the complementary acquisition of almost 16 MMboe of 2P reserves adjacent to our Suffield property in Alberta, Canada, through the proposed acquisition of Cor4, a private company." He also mentioned, "The producing assets to be acquired are complementary not only to our Suffield assets but in addition, to a recent land acquisition that IPC concluded in the fourth quarter of 2022. Following these acquisitions, we now have over 25 drilling inventory locations on the Ellerslie play fairway that extends from the west of our Suffield asset, to our new land acquisition and into the Cor4 property. IPC plans to drill a total of six wells on this exciting new play in 2023."
(Source: GlobeNewswire)
About International Petroleum Corp. (IPC)
Based in Vancouver, British Columbia, Canada International Petroleum Corp. is an international oil and gas production and exploration company. The company's high-quality portfolio of assets is in Malaysia, Canada and France, offering a solid base for organic and inorganic growth. It is a Lundin Group of Companies member and incorporated in Canada. Furthermore, the company's shares are listed under the symbol 'IPCO' on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange. The company has three core values, including excellence, respect, and resilience to help them achieve its vision of being a value-driven team that sustainably brings energy.