Staff
The CPPIB has committed an equity line of up to $100 million to Teine Energy Ltd., an oil and gas exploration company based out of Calgary. Teine will use the funds to expand its oil drilling in the Saskatchewan Viking play 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 Credit Investments Inc. through the issuance of $104 million of preferred shares to CPPIB.
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.