Keystone Royalty, Part 3: Keystone spawned over a half dozen companies

REGINA – Regina-based Keystone Royalty may now be reaching its own liquidity event, with an acquisition by publicly-traded Topaz Energy, but along the way, the company has spawned seven, yes, seven, exploration companies, one of which is still active.
It all was built on a relatively simple model. Keystone, the parent, had the royalty land, and they would launch exploration companies to drill on said land. Once enough was developed, it would be sold off, usually to a serial acquiring company, and they would start over.