CPPIB’s Seven Generations Energy to purchase assets of Paramount Resources for $1.9B
Paramount Resources Ltd., a Canadian oil producer, has received shareholder approval and all necessary regulatory approvals for its previously announced Musreau / Kakwa asset sale to Seven Generations Energy Ltd., a portfolio company of Canada Pension Plan Investment Board (CPPIB).
The transaction was reported to close on August 18, 2016. The completion of the transaction, however, remains subject to the satisfaction or waiver of the other closing conditions. Paramount recently stated the transaction will help the company fund its development of the remaining assets in Montney, Duvernay and other resources.
Paramount says its shareholders support the transaction.