Skip to content

Serafina Energy Considers Business Sale

Read Time: 2 mins

Canadian heavy oil producer Serafina Energy is considering the sale of the company to capitalize on the surging crude oil prices, sources familiar with the development have said.

If the deal materialises, the company could raise more than $782m (C$1bn), at current commodity prices, said one of the sources.

According to the Saskatchewan government, the private equity-backed company reported a production rate of 24,400 barrels of oil per day in 2021. It owns assets in the province of Saskatchewan.

The sale forms part of firm’s private equity owners’, including Pine Brook Partners, and Camcor Partners, plan to exit their investment in the oil producer, made in 2014.

As part of this effort, the equity owners have reached out to potential buyers for the heavy oil producer. A final decision has not yet been made by the buyout firms on the sale, and they could also continue to hold on to the Canadian company.

According to the sources, acquisitive Canadian private equity firm Waterous Energy Fund was appointed to assess a bid for the sale of Serafina. Waterous CEO Adam Waterous was cited as saying that Serafina could be sold.

“If something happens with that target, whether it’s with us or someone else, my prediction is it’s months away, not weeks.”

In a separate announcement, Canada’s Oilfield services company Calfrac Well Services revealed that it is assessing options for its operations in Russia.

The move is in contrast with several other western companies exiting Russia, following its invasion of Ukraine.

In a press statement, the firm said: “The company expects that it will have more to discuss in conjunction with the reporting of its first-quarter results in early May.”

Earlier this month, Canada announced that it was looking at ways to increase its crude oil exports, in a bid to help Europe stabilise its energy market.

For more information visit