Last C$26.53 CAD
Change Today -0.17 / -0.64%
Volume 110.3K
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As of 4:00 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

freehold royalties ltd (FRU) Snapshot

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06/16/14 - C$28.18
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freehold royalties ltd (FRU) Details

Freehold Royalties Ltd. develops and produces oil and natural gas primarily in Western Canada. It focuses on acquiring and managing oil and gas royalties; and developing and producing its working interest oil and gas assets, as well as natural gas liquids and potash. As of December 31, 2013, the company had net proved plus probable reserves of 23.1 million barrels of oil equivalent; total land holdings of 3.1 million gross acres; and royalty interests in 22,885 wells. It has operations primarily in Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario provinces of Canada. The company was founded in 1996 and is based in Calgary, Canada.

Founded in 1996

freehold royalties ltd (FRU) Top Compensated Officers

Chief Executive Officer, President and Not In...
Total Annual Compensation: C$109.3K
Chief Financial Officer and Vice President of...
Total Annual Compensation: C$85.7K
Vice President of Land
Total Annual Compensation: C$82.5K
Compensation as of Fiscal Year 2013.

freehold royalties ltd (FRU) Key Developments

Freehold Royalties Ltd. Declares Dividend, Payable on August 15, 2014

Freehold Royalties Ltd. announced that its Board of Directors has declared a dividend of CAD 0.14 per common share to be paid on August 15, 2014 to shareholders of record on July 31, 2014. Including the August 15, 2014 payment, the twelve-month trailing cash dividends total CAD 1.68 per common share.

Freehold Royalties Ltd. Enters into $120 Million Strategic Joint Venture with A Canadian Based Company in the East Edson Area of Alberta ; Revised Production Guidance for 2014

Freehold Royalties Ltd. announced it has entered into a $120 million strategic joint venture with a Canadian based company (JV Partner) in the East Edson area of Alberta (JV Area). Freehold assumes a priority share of production through the creation of a gross overriding royalty (GORR) joint venture. Commencing on the anticipated closing date of July 16, 2014, royalty production anticipated to be received by Freehold with this joint venture through 2014 is forecasted at approximately 5.6 mmcf/d of sales natural gas plus associated liquids (~82% natural gas). Total royalty production from the joint venture is forecast to remain flat from 2014 to year-end 2022, declining 10% per year thereafter. Under the joint venture, Freehold assumes no operating costs (outside of transport fees), no royalty deductions and no abandonment liabilities. Freehold will receive "priority" royalty volumes. As part of its $120 million capital commitment, Freehold will acquire a 50% royalty interest on current production within the JV Area (Producing Royalty) for $50 million and will have a capital commitment of $70 million pursuant to a Farmout and Royalty Agreement (Drilling Royalty). Once Freehold's share of the existing royalty production from the Producing Royalty declines below 5.6 mmcf/d, volumes from new wells are added pursuant to the Drilling Royalty to maintain Freehold's production at a cap rate of 5.6 mmcf/d plus associated liquids for 8.5 years. The $70 million capital commitment pursuant to the Drilling Royalty will be paid by Freehold at closing to be held in escrow until such time as the capital is required for the drilling program. The joint venture comes with associated Canadian Oil and Gas Property Expense (COGPE) and drilling program tax pools. The JV Partner has agreed to commit to spend $30 million (approximately 6 net Wilrich horizontal wells) in additional drilling over the life of the agreement over and above $100 million ($70 million from Freehold and $30 million from the JV Partner) of escrowed joint venture funds (approximately 20 net Wilrich horizontal wells). The JV Partner has also committed to construct a new 30 mmcf/d gas plant (at an expected cost of $30 million) or expand existing processing infrastructure within the JV Area. Effective as of July 1, 2014, the proved plus probable reserves attributed to Freehold pursuant to the Joint Venture were independently estimated to total approximately 6 mmboe (approximately 86% natural gas). Proved reserves were independently estimated to be approximately 0.6 mmboe (approximately 83% natural gas). Based on $120 million, the transaction implies approximately 8 times annualized 2014 cash flow (before tax) and $105,000 boe/d per flowing boe based on forecasted 2014 production, both accretive to Freehold's current valuation. Freehold considers this joint venture as offering a low risk, attractive return for Freehold, showcasing the Company's flexibility in creating value for its shareholders as well as presenting an attractive non-dilutive method of funding energy industry development drilling. The joint venture will be effective July 1, 2014 and will encompass a multi-year commitment by both parties to develop the JV Partner's East Edson acreage. Closing is expected to occur on or about July 16, 2014. Upon completion of the transaction, the company expects to increase its average production guidance for 2014 by 4% to 9,500 boe/d (72% royalties); all other operating assumptions (provided in the first quarter news release) remain unchanged.

Freehold Royalties Ltd. Presents at CIBC Royalties Conference, Jun-23-2014

Freehold Royalties Ltd. Presents at CIBC Royalties Conference, Jun-23-2014 . Venue: CIBC Offices, Commerce Cout West, 199 Bay Street, 56th Floor, Toronto, ON, M5L 1A2, Canada.


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