Energy investment firm Canada Energy investment firm Capital Energy Corporation (CCEC) says it has agreed to partner with Hony Capital Management Ltd. to jointly pursue opportunities to acquire energy assets in Canada, according to a company announcement.
CCEC signed a joint agreement on March 26, in which Hony Capital, along with CCEC’s principal shareholders ZhongRong Holding Group and Zhejiang Rongsheng Holding Group, will contribute a total of over US$458 million to strategically acquire oil and natural gas assets in Western Canada.
"The joint arrangement with Hony, and the additional financial support from CCEC’s two current major shareholders, places the company in a key position to realize the collective growth strategy of building a highly valued and balanced portfolio through acquisitions and follow up development," says the announcement.
CCEC is a private oil and gas company with a focus on growing production through low-risk development, exploration and exploitation in Western Canada. It has offices in Vancouver, Calgary and Estevan.
Going forward, CCEC says it will be focusing on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin.
Hony Capital currently manages approximately US$7.0 billion.