Canadian International Oil Corp. (CIOC) has an equity commitment of C$200 million from energy private equity firm Riverstone Holdings LLC. The Riverstone commitment comprises C$133 million from Riverstone Global Energy and Power Fund V and C$67 million from Riverstone Energy Ltd. This investment will be used to fund CIOC’s development program in the Western Canadian Deep Basin.
Since its founding in 2010, CIOC has aggregated one of the largest and most advantaged land positions in the emerging Montney and Duvernay formations of Western Canada’s Deep Basin. The company controls and operates 100% of this asset base, which comprises 400,000 acres and produces approximately 3,000 boe per day. CIOC is in the process of further delineating its resource base through a combination of development wells and step-out pilot drilling.
TD Securities acted as lead advisor to CIOC for the offering, along with GMP Securities LP, CIBC World Markets Inc., and BMO Capital Markets acting as strategic advisors.