Shareholders Advised to Take No Action Pending Review of Offer CALGARY, Sept. 30, 2018 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Company") acknowledges today's announcement by Husky Energy Inc. ("Husky") that Husky intends to make an unsolicited offer to acquire all of the issued and outstanding common shares of MEG. The MEG Board of Directors will consider and evaluate the Husky offer and related take-over bid circular, if and when received. To assist the Board in this process [Read more]
Archives for September 2018
Calgary-based Husky Energy makes $6.4B hostile bid to acquire MEG Energy
CALGARY - A major merger could be in the works in Canada's oil patch. Husky Energy Inc. is making a hostile bid to acquire MEG Energy Corp. in a transaction valued at $6.4 billion. In a statement issued Sunday afternoon, Husky says the proposed merger "will create a stronger Canadian energy company." The new, Calgary-based operation would have the capacity to produce more than 400-thousand barrels of oil equivalent per day. The proposal has been unanimously [Read more]
Canada’s Husky Energy offers to buy MEG Energy in $6.4 bln deal
Canadian oil and gas producer Husky Energy Inc said on Sunday it has offered to acquire rival MEG Energy Corp in a deal valued at C$6.4 billion (USD $5 billion) including debt. The combined company will have total production of more than 410,000 barrels of oil equivalent per day (boepd) and refining and upgrading capacity of about 400,000 barrels per day (bpd), Husky said. The offer comes as many Canadian oil producers have struggled with transportation bottlenecks as output has surged, [Read more]
Husky Energy Proposes to Acquire MEG Energy for $11 per Share in Cash and Shares in Transaction Valued at $6.4 Billion
Delivers immediate 44% premium for MEG shareholders Opportunity to participate in Husky’s dividend, currently yielding 2.2%, with potential for future increases Accretive to Husky’s free cash flow, funds from operations and earnings while maintaining Husky’s strong balance sheet and low-risk profile Expected $200 million in identified annual financial, operational and other synergies Transaction will immediately deliver – and exceed – MEG’s announced Vision 2020 financial targets Better [Read more]
Mock you like a hurricane: “How about you drive a Prius, we’ll hold climate conferences in various tropical paradises, and we’ll let you know where you’re coming up short, ok?”
“Climate change is real, it is happening right now. It is the most urgent threat facing our entire species, and we need to work collectively together and stop procrastinating.” Leonardo DiCaprio “And there’s no question that there are contradictions. I just flew in from Japan. And flying is a very carbon-intensive activity…I contribute to putting green energy in continents like Africa. This is just to compensate for what I’ve put out – it doesn’t mean I’ve reduced my footprint.” [Read more]
LNG Canada project would provide new market, says Canada’s largest gas producer
BANFF, Alta. - A positive final investment decision for LNG Canada could eventually encourage other projects to follow suit, creating demand needed to soak up Western Canada's glut of natural gas, producers say. The projects would eventually provide a market for gas companies that are now discouraged from increasing production by low prices linked to fierce U.S. competition and Canadian pipeline capacity shortfalls, said Steve Laut, executive vice-chairman of Canada's largest natural gas [Read more]
U.S. oil drillers add fewest rigs in quarter since 2017
U.S. energy companies cut oil rigs for a second consecutive week as new drilling stalled in the third quarter with the fewest additions in a quarter since 2017 due to pipeline constraints in the nation's largest oil field. Drillers cut three oil rigs in the week to Sept. 28, bringing the total count down to 863, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. For the third quarter, the increase of five oil rigs was the smallest since [Read more]
Canada Weekly Rig Count Down 19 to 178
Western Canada’s fleet of drilling rigs decreased to a total of 178 according to data collected by Baker Hughes for the week of September 28th. From one week ago, Alberta rig counts decreased from 126 to 110. Saskatchewan's rig count decreased from 50 to 48. Oil drilling went from 135 to 122; natural gas rigs decreased from 62 to 56. View a full breakdown of western Canada’s rig activity. [Read more]
Canadian Spirit Resources Inc. Announces Management Change
CALGARY, Alberta, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the appointment of Carrie Yuill as Chief Financial Officer (“CFO”) of the Corporation effective October 1, 2018. As of September 30, 2018, Dean G. Hill, current CFO, will step down to pursue a new role as Chief Executive Officer at Behr Integrated Solutions, a private emergency management and response services company. J.R. Richard Couillard, [Read more]
Surge Energy Inc. Confirms the Mailing of the Joint Information Circular With Respect to The Proposed Plan of Arrangement Involving Surge Energy Inc. & Mount Bastion Oil & Gas Corp and the Posting of the Joint Information Circular to SEDAR
CALGARY, Sept. 28, 2018 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) confirms that the joint management information circular (the "Circular") and form of proxy with respect to the proposed plan of arrangement (the "Arrangement") involving Surge and Mount Bastion Oil & Gas Corp. ("MBOG") have been mailed to the Surge shareholders of record as of September 24, 2018. Surge confirms that the Circular and form of proxy can be accessed and viewed on the Company's website [Read more]
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