CALGARY, May 26, 2014 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix") (BXE.TO) announces that its syndicate of lenders, led by National Bank Financial as Sole Lead Arranger and Book Runner and National Bank of Canada as Administrative Agent, has approved, subject to completion of final documentation, an increase to the Company's borrowing base and credit facilities to $625 million from $500 million. Based upon its semi-annual borrowing base review for May 31, 2014, this 25% increase of $125 [Read more]
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Contact Announces Non-Brokered Private Placement and Increase in Credit Facilities
CALGARY, ALBERTA--(Marketwired - May 26, 2014) - Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is pleased to announce that it intends to proceed with a non-brokered private placement (the "Private Placement") of up to: (i) 10,256,411 common shares (the "Common Shares") of the Company at an issue price of $0.39 per Common Share; and (ii) 13,700,000 Common Shares to be issued on a "flow-through" basis respecting the expenditure of Canadian development expenses pursuant to [Read more]
Oil falls on businessman’s election victory in Ukraine
The price of oil eased Monday after early results from Ukraine's presidential election indicated a billionaire businessman had won a clear majority.Benchmark crude for July delivery was down 35 cents to US$104 a barrel at 3:30 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract rose 61 cents to settle at $104.35 on Friday, bringing its weekly gain to $2.33 a barrel, or 2.3 per cent.Brent crude, a benchmark for international oils, shed 66 cents to $109.88 on the ICE [Read more]
Relentless Resources Announces Agreement to Purchase Alberta Oil and Gas Assets
CALGARY, ALBERTA--(Marketwired - May 23, 2014) - Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or "the Company") announced today that its nominee, 1819113 Alberta Ltd. ("1819113" or "the Nominee" ) has completed a purchase of approximately 127 boe/d of conventional producing P&NG assets from a private company for $3 million in cash, subject to industry standard closing adjustments. 1819113 is wholly owned by certain directors and officers of Relentless. The Nominee funded the [Read more]
Oil rises above US$104 a barrel ahead of Ukraine vote, U.S. holiday weekend
The price of oil rose above US$104 a barrel Friday ahead of a holiday weekend in the United States and national elections in Ukraine on Sunday.Benchmark West Texas Intermediate crude for July delivery gained 61 cents to close at US$104.35 a barrel on the New York Mercantile Exchange. Oil ended the week with a gain of $2.33 a barrel, or 2.3 per cent.Brent crude, a benchmark for international oils, added 18 cents to US$110.54 on the ICE Futures exchange in London.Ukrainians vote Sunday in an early [Read more]
Alliance Pipeline overhauls services to respond to changing gas market
CALGARY - Alliance Pipeline says it needs to overhaul the services it offers customers as a result of upheaval in the North American natural gas market.The company aims to make a "menu" of different options available to natural gas producers instead of locking them in to 15-year contracts to ship gas straight from northeastern British Columbia to the Chicago area.The changes, if approved by Canadian and U.S. regulators, will enable customers to choose firm contracts as short as three years and [Read more]
Connacher Completes First Lien Term Loan Facility and Amends Credit Facility
CALGARY, May 23, 2014 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX; "Connacher" or the "Company") announced today that it has closed the previously announced first lien term loan facility in an aggregate principal amount of US$128.4 million (equivalent of C$140 million) (the "Term Loan Facility"). Credit Suisse arranged a syndicate of institutional investors for the Term Loan Facility. Loans under the Term Loan Facility were advanced at 99% of par and bears interest at LIBOR plus 6% (1% [Read more]
Baytex Announces Proposed US$780 Million Private Placement Offering of Senior Notes
CALGARY, ALBERTA--(Marketwired - May 23, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) announced today that it intends to offer US$780 million aggregate principal amount of senior notes due 2021 (the "2021 Notes") and 2024 (the "2024 Notes" and, together with the 2021 Notes, the "Notes") in a private placement offering (the "offering"), subject to market and other conditions. Each series of Notes will pay interest semi-annually in arrears. The final terms of each series of Notes [Read more]
RCMP investigate damage to Manitoba pipeline, suspect it was hit by a bullet
CARMAN, Man. - RCMP are trying to determine if someone shot an energy pipeline west of Winnipeg.Police say an inspector who works for TransCanada Corporation detected the damage near the community of Elm Creek.It is not clear if the pipeline carries oil or natural gas.The pipeline, which is protected by a security fence, wasn't punctured.Police suspect it was hit by a bullet, but aren't sure if the shot was fired intentionally at the pipeline or not. [Read more]
Encana to raise $1.46B by spinning off some Alberta holdings in PrairieSky IPO
CALGARY - Encana Corp. (TSX:ECA) says it expects to raise almost $1.46 billion by spinning off some of its Alberta land holdings through the company's PrairieSky Royalty Ltd. subsidiary.Calgary-based EnCana says an initial public offering of 52 million common shares of PrairieSky, representing some 40 per cent of the company, has been priced at $28 per common share.Encana said in an announcement Thursday night that PrairieSky has filed a final prospectus dated May 22 in respect of the offering [Read more]