CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 6, 2020, 2020 to July 13, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, [Read more]
Headlines
Down to handful of active rigs, Canada’s oil and gas drillers face permanent contraction
Canada's drilling rig count, a bellwether of the oil and gas industry's growth, has plummeted far below previous records, raising risks that much of the country's equipment will permanently fall out of service. Just 18 rigs were active last week in the world's fourth-largest oil-producing country, a fraction of even the depressed levels of a year ago, according to Baker Hughes data. The fleet looks likely to shrink 25% in the next year from the current 500, as companies decide against [Read more]
Heavy discount narrows to 1-month low on modestly increasing demand
Canadian heavy crude's discount narrowed to a 1-month low versus West Texas Intermediate (WTI) on Monday, supported by modestly increasing demand. All eyes are on the Midwest refining sector, a major buyer of Canadian oil, where utilization rates are inching higher as supply returns to the market, a trader said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.65 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's [Read more]
Global oil demand rebound from pandemic’s lows prompts price spike forecasts
CALGARY - Oil analysts say a rebound in the world's hunger for oil has already started after demand destruction caused by the COVID-19 pandemic fell far short of what many experts had expected. Amrita Sen, co-founder and director of research for international consultancy Energy Aspects, says the bounce in demand will outstrip the ability of producers to restore supply, resulting in average Brent oil prices rising from about US$43 per barrel this year to US$66 next year and US$83 in [Read more]
Delphi Energy Corp. announces proposed plan of compromise and arrangement and $22.9 million capital investment by Kiwetinohk Resources Corp.
CALGARY, AB - Delphi Energy Corp. ("Delphi" or the "Company") announces a recapitalization and financing transaction (the "Restructuring Transaction"), to be implemented as a plan of compromise and arrangement (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA") and the Canada Business Corporations Act, that will allow the Company to substantially reduce its debt and associated interest costs, while improving available liquidity and injecting new capital to fund future [Read more]
Record debts come due for Canadian oil patch after five years of crisis
Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company's debts in June, a regulatory filing showed, preparing to salvage what they can from [Read more]
Line 5 shutdown and what that means for Canadians.
A court decision in Michigan could have major implications for the energy security of Ontario and Quebec. Last week, a Michigan judge ordered the temporary shutdown of Enbridge’s Line 5 oil pipeline that runs from Superior, Wisconsin to refineries in Sarnia, Ontario. Shutting down Line 5 has serious implications, for residents of Ontario and Quebec, as well as Michigan itself. Line 5 transports 540,000 barrels per day of oil and natural gas liquids into the Sarnia area (about half of the [Read more]
Dandelion Group Management Corp. is looking for oil and gas assets
Dandelion Group Management Corp. (“DGM”) – Canadian based company has an immediate need for the oil and gas assets with average oil production between 30 barrels to 500 barrels per day, with natural gas production between 500Mcf to 2000Mcf per day. DGM is also looking for the consultant who can provide the due diligence service during acquisition. For more information, please contact Jimmy at jimmy.jin@dandelionmanage.com [Read more]
Spartan Delta Corp. provides operational and corporate update highlighted by asset outperformance
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV: SDE) is pleased to provide an update on the Company's operational and corporate activities since the closing of its transformational transaction on June 1, 2020, which included the acquisition of high-quality, multi-zone, oil and gas operated production in Alberta, a large land base and a strategic infrastructure footprint (the "Transaction"). The Transaction positions Spartan as an intermediate exploration and development [Read more]
Razor Energy Corp. announces deferral of interest payment
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is announcing that it will be deferring the scheduled June 30, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $45.0 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility. The Amended Term Loan Facility matures on January 31, 2021 and bears an interest rate [Read more]
- 1
- 2
- 3
- …
- 1777
- Next Page »
