Calgary, Alberta - Certus Oil and Gas Inc. ("Certus" or the "Company") is pleased to announce the corporate acquisition of Sitka Exploration Ltd ("Sitka"), effective July 16th, 2021. The acquisition adds 5,000 boe/d to the Company's existing production base, and a 2021 annualized cashflow from operations of ~$28 MM. The acquired assets surround Certus' existing core asset base in central Alberta and include working interest in over 197 producing wells. Sitka has an LMR rating of 3.9X. [Read more]
Headlines
U.S. drillers add oil and gas rigs for fourth week in a row
U.S. energy firms added oil and natural gas rigs for a fourth week in a row for the first time since May, spurred by higher oil prices although growth in drilling has been modest as producers favor spending austerity. The oil and gas rig count, an early indicator of future output, rose seven to 491 in the week to July 23, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. "Although total rigs are... double, the amount recorded [Read more]
MEG Energy boosts 2021 production guidance on strong six months and Q2 profits
CALGARY - MEG Energy Corp. boosted its full-year production guidance after reporting $68 million in net profits in the second quarter on a near doubling of revenues. The Calgary-based company earned 22 cents per diluted share, up from a loss of three cents per share of $9 million in the prior year. Revenues for the three months ended June 30 were a little more than $1 billion, up from $533 million in the second quarter of 2020. MEG was expected to earn 12 cents per share on $846.4 [Read more]
NuVista Energy Ltd. announces closing of $230 million private placement of senior unsecured notes
CALGARY, Alberta- NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) announced today that it has completed its previously announced private placement of $230 million aggregate principal amount of 7.875% senior unsecured notes due July 23, 2026 (the "Notes"). The Notes were offered through a syndicate of underwriters led by CIBC Capital Markets and RBC Capital Markets, as joint book runners, Scotiabank, as co-lead manager, and ATB Capital Markets, BMO Capital Markets and Peters & [Read more]
Oil slips but seen ending week little changed on supply tightness
Oil prices eased on Friday but were poised to end the week largely steady after rebounding from a sharp drop earlier in the week, underpinned by expectations that supply will remain tight as demand recovers. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.3%, to $71.53 a barrel, following a 2.3% gain on Thursday. WTI was headed for a 0.2% weekly loss. Brent crude futures fell 23 cents, or 0.3%, to $73.43 a barrel, after jumping 2.2% on Thursday. For the week, Brent was [Read more]
“We’re on it”: Cyber security a priority for Canada’s pipeline industry
One of the most disruptive cyberattacks in history is drawing public attention to an issue that has long been on the radar of the Canadian pipeline industry: cybersecurity. It has been identified as one of the most serious economic and national security challenges we face, not only as an industry, but as a country. Canada’s pipeline industry is not only aware of this threat, it is a global leader in cyber security and has highly sophisticated protections in place to guard its infrastructure [Read more]
Proxy firm Glass Lewis joins ISS in backing Brookfield’s bid for Inter Pipeline
Brookfield Infrastructure Partners said on Friday proxy advisory company Glass Lewis has backed Brookfield's offer for Inter Pipeline Ltd over a rival bid from Pembina Pipeline Corp. This follows days after support for Brookfield's bid from proxy advisory firm Institutional Shareholder Services (ISS). Pembina has made an all-stock bid of about C$8.5 billion ($6.77 billion), while Brookfield had earlier offered C$8.48 billion, with an all-cash option, before raising its hostile offer for [Read more]
MEG Energy announces strong second quarter results, further debt repayment, non-core asset sale and revised full year guidance
CALGARY, AB - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its second quarter of 2021 operational and financial results. MEG continues to proactively respond to the safety challenges associated with the COVID–19 pandemic and remains committed to ensuring the health and safety of all of its personnel and the safe and reliable operation of the Christina Lake facility. "The second quarter was another strong operational quarter for MEG, giving us the confidence to increase [Read more]
MEG Energy announces US $100 million debt repayment
CALGARY, AB - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today that it has issued a notice to redeem US$100 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 (the "Second Lien Notes") at a redemption price of 103.25%, plus accrued and unpaid interest to, but not including, the redemption date. The redemption is expected to be completed on or about August 23, 2021. Inclusive of the redemption, MEG will have redeemed US$354 million of [Read more]
Oil prices keep overnight gains as demand hopes offset U.S. stock build
Oil prices held on to their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in U.S. inventories. U.S. West Texas Intermediate (WTI) crude was up 60 cents, or 0.88%, to $70.85 a barrel, after rising 4.6% on Wednesday. Brent crude was up 53 cents, or 0.64%, to $72.70 a barrel after rising 4.2% in the previous session. "The market shrugged off a rise in (U.S.) commercial inventories... with most of the gains occurring on the West [Read more]