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The drilling operation on Seven Generations Energy Ltd.’s Kakwa River Project is shown in a handout photo.

Calgary is buzzing about the chances of an initial public offering for Seven Generations Energy Ltd. in 2014, accelerating a timeline was that was, until recently, much more drawn out.

Investors initially assumed the company would go public in 2015, but Seven Generations' recent drilling results have everybody drooling. Backed by CPP Investment Board, ARC Financial Corp., KERN Partners, Natural Gas Partners and ZBI Ventures, the liquids-rich natural gas player is proving it has some pretty prolific wells.

Investors are rewarding the company for it. Just last week a big $625-million block of Seven Generations shares changed hands in the private market, priced at $25 each. To give you a sense of the returns, the company's first big financing round was completed at $5 in 2008, and it raised money in 2012 at $11 per share.

Following a $250-million financing in December, led by RBC Dominion Securities and Peters & Co., Seven Generations' market capitalization is now above $2-billion.

The company operates in the Alberta Montney, and its production is skewed to liquids-rich natural gas prices. Even though short-term dry gas prices are rebounding, their recovery doesn't have much of an effect on Seven Generations. Almost all the buzz stems from its stellar operational results at its Kakwa River Project south of Grande Prairie, Alberta.

If only such fervour would spread across the sector. There's still no sign of the long-awaited IPO from oil sands player Laricina Energy Ltd. Instead, the company had to issue its first round of debt last week, raising $150-million.

To really grasp the battle Laricina is fighting, simply look at the terms of the latest financing. The new debt, issued to CPPIB, comes with warrants with strike prices in the $15 to $17 range, according to someone familiar with the deal. When Enerplus sold its stake in Laricina in 2012, the deal was widely expected to be completed around $28 per share.

Laricina is still looking to go public. "We have the aspiration of being in public markets but we're continuing to wait for public markets to be ready for us," chief executive officer Glen Schmidt told the Calgary Herald.