Artis Exploration, a Canada-based exploration and production company has closed a C$180m ($138.76m) equity investment from Warburg Pincus.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The common share private placement will be used to fund the Company’s accelerated development program.
Founded in 2015 and headquartered in Calgary, Alberta, Artis is a privately held E&P company focused on the Duvernay East Shale Basin of Western Canada, where the Company holds a contiguous acreage position of over 260,000 net acres.
Artis is led by Darryl Metcalfe, an industry veteran with over 30 years of experience in exploration, development and production, who was previously President and CEO at Artek Exploration, and held senior leadership roles Ketch Resources, Ketch Energy, and AEC.
Mr. Metcalfe is joined by a seasoned management team with extensive experience in the geotechnical and engineering aspects of resource and shale plays in North America.
Artis president and CEO Darryl Metcalfe said: “We are pleased to receive the support of our new partner Warburg Pincus, who brings a deep understanding of the development of North American resource plays and has a strong track record of investment in Canada.
“With this investment, we will be well-positioned to continue to scale through the development of our premier acreage position in the Duvernay oil play.”
Warburg Pincus managing director David B. Krieger said: “Artis has established a large and attractive acreage position in the Alberta East Shale Basin, where we see many compelling opportunities for future growth and development.
“We look forward to partnering with Darryl and Artis’ best-in-class management team, in addition to the Company’s existing investment partners, to continue to grow the business and realize future value.”
Peters & Co. Limited and RBC Capital Markets acted as financial advisors to Artis and BMO Capital Markets acted as financial advisor to Warburg Pincus. National Bank Financial Inc. acted as strategic advisor to Artis.
Source: Company Press Release.