Canadian Natural Resources (CNQ) announced it agreed to acquire the natural gas producer Painted Pony (OTCPK:PDPYF) for C$0.69 per share.
This opportunistic transaction remains modest relative to Canadian Natural Resources' significant scale, but it represents a smart move for the oil sands producer as it will increase its gas assets and create synergies at a cheap price.
Image source: Anita_starzycka via Pixabay
Note: All the numbers in the article are in Canadian dollars unless otherwise noted.
Vast natural gas reserves
Painted Pony owns Montney assets in British Columbia, Canada. It produced