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SOURCE Ontario Teachers' Pension Plan
TORONTO, March 14, 2013 /PRNewswire/ - Ontario Teachers' Pension Plan
(Teachers') announced today that its recently formed Natural Resources
Group (NRG) has completed the purchase of a working interest in the
Weyburn Unit, a Saskatchewan oil asset, for $153.4 million.
Teachers' purchase of a 4.9% interest in the Weyburn Unit is part of the
10.02% position sold by a mid-sized Calgary-based oil and gas company.
The entire Unit produced approximately 25,000 barrels of crude oil per
day in 2012. It has been in operation since 1963 and features
long-life reserves, a predictable production profile and free cash-flow
generation - all attributes NRG is seeking for its portfolio.
NRG was established at the beginning of 2013 to combine Teachers'
financial exposure to commodities with direct physical investments in
producing natural resource assets. The group's broader goal is to
provide the plan with superior risk-adjusted returns, diversification
and protection against adverse macro-economic environments that could
lead to unexpectedly high inflation. In addition to the current
physical investments, which include timberlands and Canadian oil and
gas assets, potential opportunities also include agriculture and
mining.
About Teachers'
With $117.1 billion in assets as of December 31, 2011, the Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's
assets and administers the pensions of 300,000 active and retired
teachers in Ontario. For more information visit www.otpp.com
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