Teine Energy Ltd., an oil and natural gas producer majority-owned by Canada Pension Plan Investment Board, is working with banks on an IPO and might raise as much CA$700 million (US$643 million) in the next few weeks, said people familiar with the process, according to Bloomberg Sept. 4.

The closely held company, the largest light oil producer in the Viking formation in southwestern Saskatchewan, hired Canadian Imperial Bank of Commerce and Toronto-Dominion Bank to manage the offering, said the people, who asked not to be identified because the matter is private.

Teine, based in Calgary, Alberta, would join Canadian energy companies PrairieSky Royalty Ltd. (TO: PSK.TO), Journey Energy Inc. (TO: JOY.TO) and Northern Blizzard Resources Inc. (TO: NBZ.TO) in going public this year as investors warm to the industry. Those companies have raised CA$2.39 billion in 2014, almost 5x the value in the same period of 2013, according to data compiled by Bloomberg.

While the final size of Teine’s offering has yet to be determined, it’s projected to be CA$500 million to CA$700 million, the people said.

Separately, Teine is planning to issue $350 million in bonds to repay its debt, according to a statement Sept. 3.

Seven Generations Energy Ltd., a producer focused on the Montney Formation in British Columbia, also is expected to pursue an IPO by the end of the year, people familiar with the matter said in July. Canada Pension has invested CA$200 million in the company.

Teine’s CEO, David Tuer, didn’t return a phone message seeking comment. Tom Wallis, a spokesman for CIBC, declined to comment, as did Laurrell Mohammed, a spokesman for TD.

Canada Pension owns about 80% of Teine shares and has invested CA$359 million in the company, Linda Sims, a spokeswoman for the pension fund manager, said in an email. She declined to comment on the IPO.

Teine, the largest light oil producer in the Viking, is expected to increase output to the equivalent of 15,000 barrels of oil a day (bbl/d) by the end of the year, from about 13,000 bbl/d as of May, Robert Fitzmartyn, an analyst at FirstEnergy Capital Corp. in Calgary, said then in a note. The company has about 2,700 drilling locations and among the lowest operating and per- well costs in the Viking, one of the most profitable energy developments in western Canada, he said. Production is 89% percent oil and gas liquids, according to Teine’s statement.

The company was formed in 2005 and is headed by Tuer, the former president and CEO of PanCanadian Energy Corp., a predecessor of Calgary-based producer Encana Corp. (TO: ECA.TO, NYSE: ECA).