CALGARY, Alberta & NEW YORK -- (BUSINESS WIRE) -- Jupiter Resources Inc. (“Jupiter Resources”) announced today that it has agreed to acquire Encana’s Bighorn assets in the Alberta Deep Basin for CAD$2.0 billion (before closing adjustments). These properties include approximately 360,000 net acres of land and first quarter production of 319 mmcfe/d (after royalties) of liquids-rich natural gas. The transaction is subject to satisfaction of normal closing conditions, as well as regulatory approvals, and is expected to close by the end of the third quarter of 2014.
Jupiter Resources is a portfolio investment of funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager.
Simon Bregazzi, Jupiter Resources’ CEO, said, “We are very excited about the opportunity to actively develop the Bighorn assets, one of North America’s premier liquids-rich natural gas projects in an area that has generated some of Canada’s most prolific well results in recent years. We are also very fortunate to have the support of Apollo, one of the world’s leading private equity investors with deep expertise in natural resources, and look forward to building upon the strong partnership that we have forged for years to come.”
Greg Beard, Global Head of Natural Resources and Senior Partner at Apollo said, “The success of our energy investment management efforts depends heavily on identifying and supporting superior management teams. The Jupiter Resources management team has the experience, track record, skill set, and focus that we seek, and we are delighted to invest with them.”
Rakesh Wilson, a Partner of Apollo, added, “We believe Jupiter Resources is acquiring a very attractive asset base in the core of the Deep Basin. We look forward to investing with the Jupiter Resources team as they further develop the vast resources contained within the Bighorn assets.”
About Jupiter Resources
Jupiter Resources is a private oil and gas exploration and production company focused on liquids-rich natural gas properties in Western Canada. Jupiter Resources is headquartered in Calgary, Alberta. For more information please visit www.JupiterResources.com.
About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $159 billion as of March 31, 2014 in private equity, credit and real estate funds invested across a core group of nine industries, where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.