CALGARY - Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. The Calgary-based oil and gas producer says 91.4% of the shares represented at a special meeting on Monday were voted in favour of the deal announced in August, but strongly resisted since by the takeover target. Last week, shareholder advisory firm Glass Lewis recommended investors support management in pursuing Bonterra [Read more]
Survey shows two-thirds of energy company employers cut labour costs due to COVID-19
CALGARY - A survey by energy labour market organization PetroLMI shows that more than two-thirds of the employers in Canada's oil and gas sector imposed labour cost reduction measures in the wake of the COVID-19 pandemic lockdowns, including 37% who enacted permanent layoffs. The division of Energy Safety Canada surveyed 300 energy industry workers in August and September and interviewed 13 company leaders in September and August for its four-part report looking into industry reaction to [Read more]
Junior producer Osum Oil Sands rejects Waterous Energy Fund share offer as inadequate
CALGARY - Private junior oilsands producer Osum Oil Sands Corp. says shareholders should reject a $126-million bid by Calgary investment firm Waterous Energy Fund to nearly double its ownership stake. The Calgary company says an independent committee struck to review the informal offer made in early November found it undervalues the shares, adding that TD Securities Inc. and RBC Dominion Securities Inc. have provided written opinions that come to the same conclusion. Osum board chairman [Read more]
Pandemic resurgence blunts refined fuel demand recovery, says Imperial Oil CEO
CALGARY - The CEO of Imperial Oil Ltd. says rising COVID-19 infection numbers have stalled a recovery in demand for vehicle fuels produced in its Canadian refineries from the depths of the pandemic lockdowns in March and April. Brad Corson, speaking at the company's investor day, says demand for Imperial's gasoline and diesel have recovered to between 85 and 95% of normal levels but jet fuel demand is still only at about 40% and it is expected to remain at low ebb into early [Read more]
Advisory firm says deal would be good for Obsidian but has little chance to proceed
CALGARY - Advisory firm Glass Lewis says the proposed hostile takeover of Bonterra Energy Corp. would be good for Obsidian Energy Ltd. shareholders but it has "almost no practical likelihood of being successful." It recommends investors follow management's advice and vote next Monday to approve issuing about 72.3 million new shares to buy Bonterra, noting a completed deal would create a company with a stronger balance sheet and the ability to grow through acquisitions. In a news release on [Read more]
Alberta farmers file what may be first class-action lawsuit over unpaid oil leases
CALGARY - An Alberta farm family has filed what could be the first class-action lawsuit against an energy company for not making its lease payments. In a statement of claim filed in Calgary, Reinhold and Thyla Kautz of Strathmore say Calgary-based AlphaBow Energy Ltd. has reneged on a lease deal that compensates them for the use of their land. In the claim, which hasn't been tested in court, the couple says AlphaBow said in May it wouldn't be paying its annual lease fee due that [Read more]
Biden win spells end of Keystone XL, but competitiveness may improve, pundits say
CALGARY - Observers say the election of Joe Biden as U.S. president likely spells the end of the Keystone XL oil pipeline, but his environmental agenda will help Canadian energy companies better compete with their American rivals. John Baird, a former minister of foreign affairs in the Stephen Harper government who is now a senior adviser for law firm Bennett Jones, says Keystone XL is a high-profile target for Biden's administration and he will likely carry through with his campaign pledge [Read more]
Headwater Exploration signs $100M deal to buy Cenovus’s Marten Hills assets
CALGARY - Headwater Exploration Inc. has signed a deal with Cenovus Energy Inc. to buy Cenovus's assets in the Marten Hills area of northern Alberta for approximately $100 million in cash and stock. Under the deal, Headwater says it will acquire 2,800 barrels per day of medium oil production and 270 net sections of rights in the Clearwater formation. The company has agreed to pay $35 million in cash and issue 50 million common shares of Headwater and 15 million purchase warrants [Read more]
Alberta auditor flags $1.6B in government accounting blunders, oversight problems
EDMONTON - Alberta’s auditor general has flagged $1.6 billion worth of accounting blunders along with other oversight problems by Premier Jason Kenney’s government. Auditor general Doug Wylie says the mistakes are on big-ticket files including oil-by-rail contracts and the so-called energy war room. He says the errors have been or are being corrected by the United Conservative government, but highlights the importance of adhering to accounting rules so people have an accurate picture of [Read more]
Tourmaline Oil buys two privately held oil and gas firms for $526 million
CALGARY - Tourmaline Oil Corp. says it is buying two privately held oil and gas companies producing 76,000 barrels of oil equivalent per day for a total of about $526 million in cash and shares. Including debt, it says the value of the deals is $770 million. The Calgary-based producer, Canada's biggest natural gas producer and a frequent asset buyer in the past few years, says it has agreed to pay $144 million, composed of $73.75 million cash, 1.5 million Tourmaline shares and the [Read more]
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