M&A values in the upstream sector decreased to $829.8 million in March, compared with $2.9 billion in February, research and consulting firm GlobalData said April 15.

The London-based firm’s latest monthly upstream deals report said oil and gas companies spent most of their capital on acquiring Americas-based companies, announcing a total of $703.7 million in March.

The top deal of the month was Whitecap Resources Inc.’s (TSE: WCP; OTC: SPGYF) agreement to acquire Beaumont Energy Inc. for $459.8 million. Beaumont holds interests in oil and gas assets in western Canada. They currently produce 5,100 barrels of oil equivalent per day, 97% oil and NGL, the report said.

Matthew Jurecky, head of oil and gas research and consulting for GlobalData, said deal flow gradually slowed since June 2014, and the slowest quarter in years was first-quarter 2015.

He added that M&A deal volume was down again, with only 10 deals in March, compared with 11 in February.

“While the Shell-BG merger will have a positive impact next quarter in terms of the total value of deals announced, the number of deals will remain low,” he said.”

GlobalData’s report also said equity and debt offerings, private equity and venture financing totaled $30.6 billion from 78 deals in March. This was an increase over February’s $12 billion total.

Most of the investments came from debt offerings, which accounted for 70% of the total investment, at $21.4 billion in March. This was an increase over February’s $7.5 billion.

Equity offerings made up 60% of the total, with 47 in March.

”More capital was raised in March than in any month of the last year, and debt markets continue to register high levels of activity. Increasing levels of debt could eventually prove challenging for some, should low crude oil prices continue much longer,” Jurecky said.