TSX and NYSE listed Baytex proposes to acquire 100% of Aurora via a Scheme of Arrangement ('Scheme') Scheme price of A$4.10 cash per Aurora share ('Scheme Consideration'), implying a market capitalisation of A$1,840 million The Scheme Consideration represents a 52% premium to Aurora's one-week VWAP to 6 February 2014, being the last trading day before execution of the Scheme Implementation Deed, and a 46% premium to Aurora's one-month VWAP Aurora Directors unanimously recommend Aurora [Read more]
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Baytex Announces Strategic $2.6 Billion Acquisition of Aurora Oil & Gas, $1.3 Billion Bought Deal Financing and 9% Dividend Increase Upon Completion of Acquisition
CALGARY, ALBERTA--(Marketwired - Feb. 6, 2014) - Baytex Energy Corp. ("Baytex", the "Company" or "we") (TSX:BTE)(NYSE:BTE) and Aurora Oil & Gas Limited ("Aurora") (TSX:AEF)(ASX:AUT) today announced they have entered into an agreement whereby Baytex will acquire, through a scheme of arrangement under Australian law (the "Arrangement"), 100% of the shares of Aurora, on a fully diluted basis, for AU$4.10 (Australian dollars) cash per share (the "Acquisition"). The total consideration to be paid [Read more]
Six MEG oil trains loaded in January as company skirts jammed pipelines
CALGARY - Unit trains full of MEG Energy Corp's crude have begun departing from a new rail loading facility northeast of Edmonton, as the oilsands producer looks for ways around jammed pipelines to the best-paying markets. Late last year, MEG hooked up crude from its oilsands operations in northeastern Alberta to an oil-by-rail terminal operated by Canexus Corp. (TSX:CUS), making it the first direct connection of its kind in Canada. The first unit train — 60,000 barrels of crude across [Read more]
Column: Pipeline construction would boost government revenues…and employment in the in the oil sands industry to over 900,000 by 2035
By Sean Speer and Kenneth Green, The Fraser Institute VANCOUVER, BC, and CALGARY, AB/ Troy Media/ - Discussions surrounding the need for new pipelines to transport Canada's oil to market have been a dominant economic, environmental, and political issue for the past several years. Canada’s overwhelming reliance on the United States as a customer, the U.S.’s growing energy self-sufficiency, and limited pipeline infrastructure have placed a low ceiling on the prices Canadians are able to secure [Read more]
Lilis Energy to Acquire Shoreline Energy
DENVER, COLORADO--(Marketwired - Feb. 6, 2014) - Lilis Energy, Inc. (NASDAQ:LLEX) announced today that it has entered into a letter of intent (LOI) to acquire all of the issued and outstanding common shares of Calgary-based Shoreline Energy Corp. (TSX:SEQ). The Boards of Directors of Lilis Energy and Shoreline Energy, subject to completion of due diligence, as well as negotiation and execution of a definitive agreement in respect of the transaction, have unanimously approved entering into the [Read more]
Oil, natural gas extend gains on US winter storm, AECO gas spikes, briefly trades over $38/GJ
SEOUL, Korea, Republic Of - The prices of oil and natural gas extended gains Thursday in Asia as a winter storm that slammed the U.S. and slower-than-expected supply growth raised expectations for higher energy demand. Benchmark U.S. crude for March delivery was up 23 cents to $97.61 a barrel at 0745 GMT in electronic trading on the New York Mercantile Exchange. The contract added 19 cents to close at $97.38 on Wednesday. More than a million homes and businesses were left in darkness and [Read more]
MEG Energy records fifth consecutive year of production growth
Solid fourth quarter operating results set the stage for a strong 2014 CALGARY, Feb. 6, 2014 /CNW/ - MEG Energy Corp. today reported fourth quarter and full-year 2013 operational and financial results. Highlights include: Strong performance from the recently commissioned Phase 2B project and continued success of RISER driving record exit production of 48,557 barrels per day (bpd), 13% above the top end of guidance and setting a strong foundation for MEG's near-term target of 80,000 bpd by [Read more]
Local firms should register for slice of proposed west-east pipeline: executive
HALIFAX - The president of the Energy East Pipeline encouraged a business audience Wednesday to start registering for possible work on the proposed cross-country project. Steve Pohlod said in a speech at the Maritimes Energy Association in Halifax that the subsidiary of TransCanada (TSX:TRP) will need everything from security personnel for work camps to geotechnical experts and mechanical engineers if the 4,500-kilometre project is approved. The executive invited firms to start registering [Read more]
ARC Resources Ltd. reports fourth quarter and year end 2013 results
CALGARY, Feb. 5, 2014 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") is pleased to report its fourth quarter 2013 operating and financial results. Fourth quarter production averaged 100,883 boe per day and funds from operations were $237.8 million ($0.76 per share). ARC's Audited Consolidated Financial Statements and Notes, as well as ARC's Management's Discussion and Analysis ("MD&A") for years ended December 31, 2013 and 2012, are available on ARC's website at www.arcresources.com and on [Read more]
ARC Resources Ltd. announces sixth consecutive year of 200 per cent or greater produced reserves replacement in 2013
CALGARY, Feb. 5, 2014 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") released today its 2013 year-end reserves and resources information. "I am really pleased with our team's performance again this year. We added significant reserves at a low finding cost through the drill bit and continued to convert our large reserve and resource base into production and cash flow," stated Myron Stadnyk, President and CEO. HIGHLIGHTS Replaced approximately 200 per cent of 2013 total production, adding [Read more]