Canbriam Energy Establishes New Exploration and Production Venture

    Proven management team secures US$300 million equity funding program

    CALGARY, Alberta, Feb. 21 /CNW/ -- Canbriam Energy, Inc. announced today
that it entered into an equity financing arrangement of up to US$300 million
from company management, Warburg Pincus, and ARC Financial Corp. to pursue the
acquisition, exploration and development of oil and gas interests in certain
onshore regions of Canada and the United States.
    Canbriam Energy will explore for and develop oil and gas resources in
selected hydrocarbon basins in North America.  Initially, Canbriam Energy will
concentrate on unconventional oil and gas opportunities in Western Alberta and
Eastern British Columbia.  Over time, the company will draw on the previous
experience of its management team to target other unconventional opportunities
where it believes significant value can be created through advanced drilling
and production technologies.
    President and Chief Executive Officer Paul Myers, the former CEO of
Esprit Energy Trust, said: "We are delighted to be partnering with Warburg
Pincus and ARC Financial, two leaders in private equity investing in the
energy sector. With Warburg Pincus and ARC's financial backing and expertise,
I am confident that our management team is in the best possible position to
create and realize value."
    Mr. Myers is joined by Chief Financial Officer Stephen Soules, who
previously served as CFO of Esprit and of Canadian Hunter.  The executive team
is complemented by strong managers in the areas of geology and geophysics,
land and engineering.
    Commenting on the investment, Peter R. Kagan, a Warburg Pincus Managing
Director, said: "Led by a senior management team with extensive technical
experience in all of its targeted areas, Canbriam Energy has the operational
capability and financial foundation to pursue multiple exploration and
development projects simultaneously and to succeed in the competitive
environment of onshore unconventional oil and gas exploration in North
America."  Nancy L. Smith, Managing Director at ARC Financial, added: "This
investment follows our firms' practice of backing strong management teams to
build companies of meaningful scale."
    About Canbriam Energy
    Canbriam Energy, Inc. is a privately held oil and gas exploration and
production company with a focus on certain onshore regions of Canada and the
United States.  Formed with financial support from Warburg Pincus and ARC
Financial, Canbriam Energy is led by a veteran management and technical team
with extensive relevant experience and a proven record of finding and
developing hydrocarbon reserves.  For additional information, please call
(403) 269-2874.
    About Warburg Pincus
    Warburg Pincus has been a leading private equity investor since 1971. 
The firm currently has more than $20 billion of assets under management with
more than $10 billion available for investment.  Warburg Pincus invests in a
range of sectors including energy, financial services, consumer and retail,
industrial, business services, healthcare, real estate and technology, media
and telecommunications.  Warburg Pincus has raised 12 private equity
investment funds which have invested more than $29 billion in approximately
585 companies in 30 countries.  Since the late 1980s, the firm has invested
more than $2.5 billion in more than 30 companies in the energy sector
including investments in oil and gas exploration and production, power,
alternative energy, and oilfield services.  Warburg Pincus has been the lead
investor in several successful public and private energy companies, including:
Newfield Exploration Co. (NYSE:   NFX), Spinnaker Exploration, Inc. (NYSE:   SKE,
since acquired by Norsk Hydro ASA), Encore Acquisition Company (NYSE:   EAC),
Bill Barrett Corp. (NYSE:   BBG), Targa Resources Partners LP (NASD: NGLS), MEG
Energy Corp. and Antero Resources Corp.  For more information, please visit
    About ARC Financial
    ARC Financial Corp. is a Calgary-based private equity investment firm
founded in 1989.  The five ARC Energy Funds represent C$1.9 billion of capital
and are focused exclusively on investment in the energy sector.  Areas of
investment include Canadian and international conventional oil and gas
exploration and production, oilfield services, energy infrastructure, power
generation and emerging sources of supply such as oil sands, unconventional
gas and renewables.  For more information please visit

For further information:

For further information: Paul Myers for Canbriam Energy,
+1-403-269-2874;  Katja Gehrt for Warburg Pincus, +1-212-878-6194; Tanya
Causgrove for ARC  Financial, +1-403-292-0573 Web Site:        

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