CALGARY, Nov. 25, 2011 /CNW/ - Teine Energy Ltd. (Teine) is pleased to
announce the completion of an equity line commitment of up to $100
million into Teine by the Canada Pension Plan Investment Board (CPPIB).
Teine will use the funds to accelerate the development of its large
Viking oil drilling inventory and to fund the acquisition of 52 net
sections of prospective Viking oil rights from Baytex Energy Corp. In
addition, Teine will retire its obligations under the existing
convertible debenture held by CPPIB through the issuance of $104
million of preferred shares to CPPIB.
Teine is a private company with significant land holdings in
Saskatchewan and is focused primarily on the Dodsland Viking light oil
play. Teine has drilled over 50 horizontal oil wells in the past 12
months and established itself as an industry leader in the development
of this very large resource play. Teine's 2012 growth plans anticipate
drilling in excess of 120 horizontal oil wells and building additional
infrastructure. CPPIB has been an investor in Teine since June 2010
when it invested in the convertible debenture to assist Teine in
drilling and land accumulation.
About Teine Energy Ltd.
Teine Energy Ltd. is a private Canadian oil and gas exploration and
development company. Teine's focus is to find and develop high netback,
large hydrocarbon in place properties within the Western Canadian
Sedimentary Basin. Teine is one of the largest land owners in Central
West Saskatchewan and is one of the most active drillers in the
Saskatchewan Viking play. For more information about Teine, please
About Canada Pension Plan Investment Board
The Canada Pension Plan Investment Board is a professional investment
management organization that invests the funds not needed by the Canada
Pension Plan to pay current benefits on behalf of 17 million Canadian
contributors and beneficiaries. In order to build a diversified
portfolio of CPP assets, the CPPIB invests in public equities, private
equities, real estate, inflation-linked bonds, infrastructure and fixed
income instruments. Headquartered in Toronto, with offices in London
and Hong Kong, the CPPIB is governed and managed independently of the
Canada Pension Plan and at arm's length from governments. At September
30, 2011, the CPP Fund totalled $152.3 billion. For more information
about CPPIB, please visit www.cppib.ca.
SOURCE Teine Energy Ltd.
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