Canada
Pension fund manager buys stake in Halcon to fund Bakken
light-oil play THE CANADIAN PRESS
TORONTO — CPP Investment Board is investing $300 million in a U.S. company to help it fund a major acquisition in the Bakken formation, an emerging source of light oil underlying several Prairie provinces and midwestern U.S. states.
The Canadian pension manager is buying the equity stake in Halcon Resources Corp. (NYSE) as part of a $1.45-billion deal that will see the Houston-based company purchase oil and gas assets in North Dakota’s Williston Basin.
Halcon announced Monday that it would acquire the assets from Petro-Hunt LLC and an affi liated entity for a total of US$1.45 billion.
The deal will see the sellers receive $700 million in cash and $750 million of Halcon equity, eventually worth about $7.45 per share after preferred shares are converted to common stock.
In a side deal, CPP Investment Board has conditionally agreed to pay $7.16 per Halcon common share, subject to the company closing the Williston Basin deal.
Halcon has also reached fi nancing agreements with investment banks to help pay for the transaction.
“CPPIB’s investment aligns with our strategy to provide strategic, long-term capital to well-positioned companies like HalcDon and work with management to help create value now and in the future,” CPPIB vice-president Scott Lawrence said in a statement.
CPP Investment Board oversees one of Canada’s largest pension funds.
22 THE WESTERN CANADIAN PIPELINE | FALL 2012 STACEY LEE
Pronghorn Controls does more than issue a standard hard hat and pair of blue coveralls to its employees. Rather, a safety culture exists within PC ranks.
Pronghorn Controls is proud to have been recently named among Canada’s Safest Employers, receiving gold in the Building and Construction category.
PC provides electrical, instrumentation, thermal imaging and combustion services to the oil and gas industry. More than 400 professionals are scattered throughout the province, working within the industry doing everything from constructing grassroots facilities to providing maintenance to older oilfi eld equipment. Their exemplary safety record speaks for itself – the company recognized by Occupational Safety at a gala event in Toronto Sept. 6.
“It is a credit to all of our employees to receive this prestigious award as it takes the eff orts of all of our employees to achieve the safety milestones and successes we have experienced,” said PC President and CEO Yves Tremblay at the banquet.
Creating a safety conscious culture in the oil and gas industry means all employees receive standardized training, they wear their protective equipment and the company continuously raises awareness.
“The biggest thing is hazard identifi cation,” says Justin Fletcher; Taber district manager. “I think that
is what we do just as well or better than anyone else. Before any job gets started we identify any hazards that might exist and put protections in place – take the hazards out of the equation before we even get started.”
All PC employees are encouraged to discuss any safety related concerns and observations with either of two QHSE managers, Larry Johnson and Bob Lewis. Every individual PC sends out into the fi eld has specialized safety training on top of the mandatory H2S and fi rst aid. It is the little stuff that PC really emphasizes, says Fletcher.
Like Tremblay, Fletcher says being recognized as one of Canada’s Safest Employers serves as an additional “pat on the back” to the guys out in the fi eld – on call 24 hours a day.
“This is important for them because it is them out there running around in the fi eld absorbing all the risk,” Fletcher says.
Pronghorn Controls has offi ces in Taber, Medicine Hat, Brooks, Hanna, Camrose, Red Deer, Calgary, Drumheller, Fort McMurray, Rocky Mountain House, Sundre, Fort St. John, Grande Prairie, Nisku, Edson and Kindersley. PC employees have accumulated 3.5 million Lost Time Incident Free man hours, has received the WCB Saskatchewan Certifi cate of Achievement and was recognized as Work Safe Alberta’s Best Safety Performer (2006, 2007 and 2008).
Alberta Based Pronghorn Controls among nation's most safety-conscious
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