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Last Trade: 6.02 |
Change: +0.22 |
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Last Trade: 5.08 |
Change: +0.36 |
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2008 | ||
| July | Provident Announces Sale of its Equity Interest in BreitBurn Energy Company for US$305 Million | |
| June | Provident announces that it has sold a portion of its US Oil and Gas business consisting of its 22 per cent interest in BreitBurn Energy Partners L.P. and its 96 per cent interest in BreitBurn GP LLC. for before tax proceeds of U.S.$345 million. | |
| February | Provident outlines the strategic initiatives it was undertaking with respect to its investment in its U.S. businesses, BreitBurn MLP and BEC L.P. Provident also provides an update with respect to its planning process initiated to facilitate business growth and performance and access to capital. The planning process is also in response to the Canadian Federal Government's decision to impose growth restrictions on Canadian energy trusts and, effective 2011, to implement a tax on income trust distributions. | |
2007 | ||
| December | Provident completes the acquisition of TriWest Energy Inc. for $92 million. The light crude oil assets are located in southeast Saskatchewan and will add 17,900 net across of underdeveloped land and approximately 100 gross drilling opportunities. | |
| June | Provident completes the acquisition of all the outstanding shares of Capitol Energy Resources for a total transaction value of $508 million. This acquisition provides Provident with the Montney "C" pool, located at Dixonville in northwest Alberta. This pool contains original oil in place of 263 million barrels of 30 degree API oil, representing one of the largest conventional oil pool discoveries in western Canada in recent years. | |
2006 | ||
| October | Provident's wholly-owned subsidiary BreitBurn Energy transfers approximately half of its proved reserves and two-thirds of its daily production into a Master Limited Partnership – BreitBurn Energy Partners, L.P. (BBEP). Provident owns over 65 per cent of BBEP and about 96 per cent of the General Partner. The IPO was priced at $18.50 per unit. | |
| July | Provident acquires a package of natural gas producing assets in the Rainbow Lake and Peace River Arch areas of northwest Alberta for approximately $476 million. The acquisition adds about 5,500 boed of production (over 90 per cent natural gas) and over 200 identified drilling locations. | |
2005 | ||
| December | On December 16, 2005 Provident commences trading on the New York Stock Exchange (NYSE). | |
| December | Provident expands its Midstream footprint by acquiring the natural gas liquids (NGL) business of EnCana Corporation. The acquired business includes interests in an interconnected set of NGL extraction, transportation, storage, fractionation and distribution facilities. Also included is NGL marketing company Kinetic Resources. The acquisition complements Provident's existing midstream operations, creating a fully integrated and geographically diverse NGL midstream business. | |
| February | Consistent with Provident's strategy to expand the U.S. production base with quality, mature, long-life assets that provide stable, long-life cash flows and low risk optimization potential, Provident's subsidiary BreitBurn Energy acquires Nautilus Resources, LLC. The acquired properties are located in Big Horn and Wind River, Wyoming and produce approximately 2,300 boe/d consisting of 99 per cent crude oil and one per cent natural gas. | |
2004 | ||
| September | Provident's subsiduary BreitBurn Energy acquires properties located in the Santa Maria Basin's Orcutt field. The properties have a production of approximately 1,400 bbl/d, as well as 5,000 acres of surface acreage. The field is a complement to Provident's existing U.S. oil and gas operations in the Los Angeles Basin operated by BreitBurn Energy. BreitBurn Energy will operate and have approximately 99.6 per cent working interest in the assets. | |
| June | Provident announces US.-based BreitBurn Energy acquisition and establishes a new platform for growth. One of California's largest independent oil companies, BreitBurn optimizes mature producing assets through the use of sophisticated, state-of-the art computerized reservoir engineering tools. BreitBurn's production forecast for the remainder of 2004 is 4,200 boed, weighted 89 per cent to light/medium oil and 11 per cent to natural gas. BreitBurn has Proved plus Probable reserves of approximately 39.4 MMboe and a Proved plus Probable reserve life index (RLI) of over 22 years. | |
| April | Provident executes two separate and independent Arrangement Agreements to concurrently acquire all the outstanding shares of Olympia Energy Inc. and Viracocha Energy. Aggregate consideration for Olympia and Viracocha is $217.6 million and $205.9 million, respectively. The acquisition of Olympia and Viracocha will increase Provident's daily production by approximately 5,000 boed. | |
2003 | ||
| September | Provident enters the Midstream business by acquiring the Redwater Natural Gas Liquids Processing System from Williams Energy Canada. The deal, valued at $268 million, includes a 100 per cent interest in the five-year-old, 65,000 barrel per day Redwater fractionation, storage and transportation facility located near Edmonton, Alberta, and a 43.3 per cent interest in the 38,500 barrel per day Younger NGL extraction plant in northeastern British Columbia. The transaction greatly increases Provident’s economic life and gives the company a strong presence across the energy value chain. | |
| January | Provident unitholders approve the internalization of the management contract, eliminating the performance-based arrangement between external management and Provident for total non-cash consideration of $18.0 million plus $0.4 million of incidental costs. The transaction is accretive to cash flow and net asset value and improves the long-term cost structure of Provident. | |
2002 | ||
| October | Provident completes the $344 million acquisition of all outstanding Meota Resources Corp. common shares. The acquisition of Meota increases the total number of trust units outstanding as at that date, to approximately 51.9 million. The transaction adds approximately 11,400 boed of natural gas weighted production and increases total trust production to 30,000 boe per day. The company's capitalization rose to nearly $900 million, making Provident the fifth largest conventional oil and natural gas trust in Canada. | |
| May | Provident completes the acquisition of certain southeast Alberta oil and gas properties, including 3,600 boe/d of mostly light oil and natural gas production and 78,000 undeveloped acres of land for a cash purchase price of approximately $72 million. In conjunction with the acquisition of the oil and gas properties, Provident completes a concurrent treasury offering of 3.9 million trust units and $64.41 million principal amount of 10.5 per cent convertible unsecured subordinated debentures for gross proceeds of $103.8 million. Provident becomes the first conventional oil and gas trust to issue convertible debentures. During the second quarter, Provident also launches its Distribution Reinvestment, Premium Distribution Reinvestment and Optional Unit Purchase Plan (“DRIP”). | |
| January | Provident completes the $189 million corporate acquisition of Richland Petroleum. The addition of the Richland assets significantly diversified Provident’s production mix, which had been significantly weighted toward heavy oil. The acquisition of Richland increases the total number of trust units outstanding, to approximately 32.1 million units. Following the Richland acquisition, Provident’s daily production increased to 17,000 boed, of which 33 per cent was heavy oil, 27 per cent was med/light oil and NGLs, and 40 per cent was natural gas. | |
2001 | ||
| May | A consolidator of junior E&P companies, Provident completes the $139 million acquisition of Maxx Petroleum Ltd. The acquisition of Maxx increases the total number of trust units outstanding to approximately 14.6 million trust units and also provides Provident with a listing on the American Stock Exchange under the symbol PVX. As a result of the Maxx acquisition, Provident’s daily average production increases from 4,800 boed to 12,500 boed, of which 50 percent is heavy oil, 23 per cent is med/light oil and NGLs, and 27 per cent is natural gas. | |
| March | Founders Energy Ltd. reorganizes into Provident Energy Trust and PVE.UN commences trading on the Toronto Stock Exchange. The new trust has production of 4,200 boe per day with 58 per cent weighted to crude oil and 42 per cent to natural gas. | |
1993 – 2001 | ||
Founders Energy Ltd. is established as an independent, junior oil and natural gas producer grows to 4,200 boe per day, with a market cap of less than $200 million. During 2000, management believed that Founders, along with the vast majority of other junior E & P companies, is significantly undervalued by the market. As a result, Founders' Board of Directors reviews several options for the company with a view to increasing shareholder value. It is the collective view of the Board of Directors that the Western Canadian Sedimentary Basin had become largely a mature basin with an operating emphasis on exploitation. In reviewing appropriate structures for a maturing basin, Management believes the trust structure is clearly the most suited structure for acquiring mid-life to mature assets and for harvesting and paying out the cash flow in a low risk, cost effective manner. | ||
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