Calgary — ATB Capital Markets Inc. wishes to congratulate West Lake Energy Corp. (“West Lake”) on their strategic disposition and Highwood Asset Management Ltd. ("Highwood") (TSXV:HAM) on their “transformational” acquisitions following the July 5th announcement of Highwood’s arm’s-length agreements to acquire each of West Lake’s Boulder Energy Ltd. (“Boulder''), Castlegate Energy Ltd. (“Castlegate”) and Shale Petroleum Ltd. (“Shale”)(collectively, the “Acquisitions”) for a net purchase price of approximately CAD$139 million. 

This follows the engagement of ATB Capital Markets Inc. by West Lake to be its Exclusive Advisor on the divestiture of its subsidiary Boulder Energy Ltd. to Highwood for aggregate consideration of $98 million⁽¹⁾.  As outlined in the July 5th Highwood announcement referencing Boulder, Highwood will acquire approximately 2,700 boe/d (~74% oil and NGLs) of low decline, capital efficient production, which is expected to generate Field Cash Flow of $34.91/boe resulting in NTM Field NOI of $35 million, implying a 2.8x Enterprise Value (“EV”)/Field NOI multiple⁽²⁾.

ATB Capital Markets Inc. supported the transaction further by advising on structuring as well as financing Highwood through debt and equity participation. ATB Capital Markets Inc. acted as a co-lead of Highwood’s new $100 million credit facility, acted as a Strategic Advisor, and participated as a co-lead manager of Highwood’s $35 million treasury offering of subscription receipts.

“ATB Capital Markets is pleased to play a key role in supporting West Lake and Highwood as a trusted partner and advisor. Our  experienced team takes pride in providing specialized advice and access to capital to support the success of our corporate clients.” said Darren Eurich, CEO of ATB Capital Markets Inc.   

For more information on Highwood Asset Management, visit https://highwoodmgmt.com

About ATB Financial
With $57.5 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to nearly 800,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. More information about ATB can be found at atb.com.  

About ATB Capital Markets
ATB Capital Markets offers holistic corporate and capital markets advice, combined with customised financial solutions to help businesses thrive. We’re a full-service investment dealer for key industries on the cusp of a new era. Established in 2020, ATB Capital Markets helps clients with services that include investment and corporate banking, sales and trading, institutional research, and risk management.

ATB Capital Markets Inc. is Broker/Dealer #03 on the Toronto Stock Exchange.

For more information about ATB Capital Markets Inc. visit www.atbcapitalmarkets.com. 

For interview requests, please contact:

ATB Financial, Media Relations media@atb.com

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