Clearview Resources Ltd. said it has entered into a definitive agreement under which an undisclosed publicly traded oil and gas company will purchase all of its issued and outstanding common shares for around $17.29 million (CAD 24 million).
The transaction consideration may be modified by the estimated company working capital as defined in the agreement, Clearview said in a news release, adding that the transaction is expected to close in October.
Under the transaction and based on the current estimated company working capital, each holder of Clearview shares is expected to receive approximately $1.31 (CAD 1.82) per share upon closing, the Calgary, Alberta-based company said.
Clearview said it plans to seek approval of the transaction from its shareholders at a special meeting expected to be held in October.
“We are very pleased with this outcome for Clearview and our strategic repositioning process announced on March 25, 2025,” Clearview President and CEO Rod Hume said. “Pursuant to the Strategic Process, the Company completed an extensive review of the potential transactions and alternatives that may be available to Clearview, with a view to maximizing value for the benefit of the company and its stakeholders. The Purchase Price represents pure cash consideration and is not subject to financing. The transaction provides an immediate opportunity for liquidity and certainty of value for our shareholders”.
In January, Clearview formed a special committee of independent directors to review alternatives to enhance and maximize shareholder value. The strategic review “aims to consider all options that are in the best interests of the company while exploring opportunities to provide liquidity to shareholders,” the company said in an earlier statement.
“Following recent successes whereby we eliminated the Company’s debt, grew our proved developed producing net asset value per basic share to the highest it has been in a decade, and distributed two returns of capital to shareholders in a 15-month period (the first distributions since 2015), Clearview approaches this process from a position of strength,” Hume said.
“We believe it is timely to initiate a thorough strategic review of the opportunities and alternatives available to Clearview as a logical continuance of the pursuits that we have undertaken with a view to best position Clearview to maximize value,” he added.
The company said it engaged ATB Securities Inc. as its exclusive financial advisor to assist the special committee in the consideration and possible pursuit of such opportunities and alternatives. ATB will report to the committee and will work with Clearview’s management and legal counsel, Dentons Canada LLP, in this process, according to the statement.pl
In the first quarter, Clearview’s production declined 15 percent to an average of 1,389 barrels of oil equivalent per day (boepd) from 1,634 boepd a year earlier. The decrease was primarily due to lower natural gas production as a result of normal declines, production back-out, third-party infrastructure maintenance and miscellaneous well downtime due to very cold weather in February, the company said in its most recent earnings release.
Lower natural gas production led to reduced natural gas liquids volumes being produced as well due to the liquids-rich nature of the company’s natural gas production. The decreases were partially offset by the acquisition of low-decline oil production in the second quarter of 2024, Clearview said.
To contact the author, email rocky.teodoro@rigzone.com
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