Warburg Pincus, the Canada Pension Plan Investment Board (CPPIB) and KERN Partners have agreed to invest up to $350 million in Black Swan Energy Ltd., a privately held oil and gas exploration and production company.
Black Swan is led by David Maddison and Marc Mereau, each of whom spent approximately 30 years at Talisman Energy and most recently held senior leadership roles supporting development of key North American plays.
“This initial investment marks the first step in the development of our company. Having financial partners of this caliber and with this level of industry experience gives us great confidence in the strength of our business plan,” said David Maddison, CEO with Black Swan.
Black Swan expects to create value through the exploration and development of proven hydrocarbon trends in the Western Canadian Sedimentary Basin.
“We are pleased to be partnering with this proven management team and our co-investors,” said David Krieger, managing director at Warburg Pincus. “We look forward to working with Black Swan as the company explores and develops the large resource base believed to be recoverable in Western Canada.”