PrairieSky purchased the royalty assets that Pine Cliff Energy (TSX: PNE, covered by analyst Michael Hearn) announced on Monday that it was selling for $25 mm. PNE's Based on PNE's press release, PSK paid ~9.3x run rate EBITDAX of $2.7 mm ($2.7 mm royalty revenue expected over the next 12 months, assuming current commodity prices remain flat), which, assuming a low decline rate, seems quite reasonable and accretive to PSK.
