Kaisen Energy Corp has fomed a strategic partnership with KERN Energy Partners (KERN) through a sizeable private equity investment in the Company to fund the strategic development of existing assets and to capitalise on potential present and emerging acquisition opportunities.
Since the Company's inception in March 2013, Kaisen has been led by executives Cameron King (President and CEO) and Jeff Holmgren (Senior VP & CFO) along with Chris McGinnis (VP Operations and Engineering) and Andy Kramchynski (VP Exploration and Geology). The team has extensive experience with conventional heavy oil in the Western Sedimentary Basin with a collective of former roles including Husky Energy, Canetic Resources and Penn West Petroleum.
Kaisen CEO, Cameron King, says: "This initial investment from KERN marks a significant step in our Company's evolution and will equip the Company with significant resources to continue with our existing business plan as well as to capitalize on the present market opportunities rising out of the current industry turmoil."
Since the Company's inception in March 2013, the team has assembled a portfolio of conventional heavy oil assets within the Lone Rock and Edam areas of the Saskatchewan heavy oil fairway. The Company's existing assets contain a significant drilling inventory of horizontal wells and longer term EOR opportunities on a concentrated 100 per cent working interest land base containing in excess of 200 million barrels of original oil in place. The team's heavy oil expertise has been demonstrated through the organic development of the Company's initially acquired assets from 300 bbl/d to a peak of 1,800 bbl/d while maintaining a strong balance sheet with minimal bank debt.
