Cougar Valley Resources's company mascot and former VP Human Resources
Transaction grows MILFs presence in the hot, yet dated, Brazzers unconventional play
MILF plans to continue strategy of resurrecting old dry holes and redrilling them deeper with new 5-stand rigs
Proprietary Lube, Pump, & Squeze technology to be piloted in Upper Hornmeister formation
CALGARY, Alberta – Vancouver-based MILF Capital announced today that it has entered into a definitive merger agreement under which it will acquire Calgary-based Cougar Valley Resources (TSeX: PURR) for $290.00 per share in an all-cash deal (the “Transaction”). The Transaction represents a premium of approximately 20% to the 30-day volume weighted average share price (W.A.P.) as of Friday, April 17th, 2024 and approximately 29% to the 90-day volume W.A.P. of the same date.
At the terms of the Transaction, Cougar Resources’ implied Enterprise Value is approximately $1.8 billion representing a multiple of 8.2xxx EV/2023A EBITDA and 6.3xxx EV/2023A EBITDA including run rate synergies.
P. Ennis, MILF’s chairman of the board
“We are very pleased to announce this transaction last night. MILF has been seeking to enter the Brazzers play for some time now and Cougar Valley had just the assets we need in a way that will be accretive to our 2024 through 2028 rock-hard growth plan. Despite reporting poor 2023 Q4 results, Cougar Valley, under the direction of its President and CEO, Chuck Kockbanger, has turned operations around so far in 2024 Q1 with a solid drilling program to resurrect over roughly sixty-nine 50+ year-old unconventional wells in the super-hot Milfonian pools within the Brazzers play. Our strategy will be to continue re-completing and re-drilling an inventory of aging wells and former dry holes using our proprietary Lube, Pump, and Squeeze completion technique,” P. Ennis, MILF’s chairman
Mr. P. Ennis continued to tell 2P News’ mergers and acquisitions correspondent, Cynthia Redbush, “Will our 2024 capital program be hard to implement? Yes. Do we expect explosive results and record fluid production as we exit the year? Also a chubby and firm yes.”
About Cougar Valley Resources Founded in 2011 as PantiCreek Energy, Calgary-based Cougar Valley was later renamed to Cougar Valley after the company discovered a 500 million barrel oil pool in the Upper Hornmeister formation in south east Alberta offsetting the prolific Dawson’s Crack field. After hiring Chuck Kockbanger in 2013, the company’s production swelled by over 325% with a number of restimulations and the acquisition of a number of fluffer companies left over from the trust days. Today, Cougar Valley produces 189,456 boe/d, 90% liquids, at 2023 exit.
Cougar Valley Resources’ VP of HR, Anita Stiffkoch (L) and IT Manager, Ivana Hafsechs posing on stage at a quarterly Town Hall.
About MILF Capital MILF Capital is one of the world’s largest private part equity firms serving industries from SoCal b-side film production to oil and gas operations. It is a growth-oriented firm based in Vancouver, Canada that caters to a diverse set of markets. MILF leverages the sexperience and network of its professional employees to pursue investment opportunities in aging industries and service sectors that still have potential despite their age – they invest in sectors that look good from far, but are far from good, and turns them into gems. The firm partners with experienced management teams to build synergies that stand-up to any tests.
You guys are complete idiots.