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]
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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]
PanTerra Resource Corp. Announces Closing of Recapitalization and Appointment of New Management Team
CALGARY, May 22, 2014 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Corporation") is pleased to announce that it has received the written consent of a majority of its shareholders to: (i) its previously announced non-brokered private placement of up to an aggregate of approximately $20 million (the "Private Placement"); and (ii) the appointment of a new management team and board of directors (collectively, the "New Management Team"). PanTerra is also pleased to announce that it has closed [Read more]
Seven Generations Energy Ltd. Announces New Executive Appointment
CALGARY, May 22, 2014 /CNW/ - On behalf of the management team and Board of Directors of Seven Generations Energy Ltd. (the "Company" or "7G"), Mr. Pat Carlson, Chief Executive Officer, is pleased to announce that Mr. Marty Proctor has agreed to join the Company as President and Chief Operating Officer. Marty comes to 7G with over 27 years of diversified petroleum engineering and oil and gas management experience, most recently as the Chief Operating Officer of a publicly traded Canadian [Read more]
Chinook Energy Inc. Provides Birley/Umbach Operational Update
CALGARY, ALBERTA--(Marketwired - May 22, 2014) - Chinook Energy Inc. (TSX:CKE) ("Chinook") is pleased to provide the following operational update on its Birley/Umbach property. During the first quarter of 2014, Chinook drilled its first horizontal Montney well in the Birley/Umbach area at a-60-K/94-H-3 (75 per cent working interest). The well was drilled to a total measured depth of 2,700 metres with a 1,220 metre lateral section and was completed with an 18 stage nitrified slickwater [Read more]
Crude oil inches down but remains near one-month high of US$104 a barrel
The price of oil drifted lower Thursday, a day after hitting a one-month high.Benchmark West Texas Intermediate crude for July delivery fell 33 cents to close at US$103.74 a barrel on the New York Mercantile Exchange. On Wednesday, oil gained $1.74 to close at US$104.07.Brent crude, a benchmark for international oils, slipped 19 cents to US$110.36 on the ICE Futures exchange in London.The U.S. oil price shot up Wednesday after a report from the Energy Information Administration showed that U.S. [Read more]
TransCanada CEO tells Keystone-stalling U.S.: We’ll use rail, then
WASHINGTON - Frustrated by yet another regulatory delay, the company behind the stalled Keystone XL pipeline project is delivering a message in the U.S. capital: it's getting involved in the rail business. It might be costlier and dirtier, but until the pipeline gets approved, the company says shipping oil on trains might have to do as a Plan B. TransCanada Corp. president Russ Girling is in New York and Washington this week, telling policy-makers and news outlets that the company is [Read more]
US vice-president says Cyprus poised to transform eastern Med into global hub for natural gas
NICOSIA, Cyprus - U.S. Vice-President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation."Cyprus is poised to become a key player ... transforming the eastern Mediterranean into a new global hub for natural gas," Biden said as he toasted his host, Cyprus President Nicos Anastasiades, at lunch in the presidential [Read more]