CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is pleased to announce that it has entered into definitive agreements for the sale of assets in both its Countess area (including Journey's newly commissioned 4.2 megawatt power project); and also producing assets in its Telfordville area. Total proceeds from these asset sales of approximately $15 million before closing adjustments, will be used to retire indebtedness associated with new term loans advanced [Read more]
Headlines
Column: Trump is still the best choice for America (and Canada)
I realize in writing this as a Canadian some might wonder why I care so much about the politics of a foreign country. Well, as I wrote three years ago Donald Trump had delivered more positive results for the Alberta economy than our own leaders, and that has remained true today. The approval of the Keystone XL pipeline, which is now under construction, is vital to the long term hopes of our oil industry, and Joe Biden has promised to kill it and leave us stranded. Americans need a strong [Read more]
Pembina Pipeline Corporation provides notice of series 9 preferred share conversion right and announces reset dividend rates
CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 ("Series 9 Shares") (TSX: PPL.PR.I) on December 1, 2020 (the "Conversion Date"). As a result, subject to certain terms of the Series 9 Shares, the holders of the Series 9 Shares will have the right to convert all or part of their [Read more]
Oil hits five month lows on renewed virus fears
Oil prices hit five-month lows and shares extended losses on Monday on worries about global demand as many economies slid back into coronavirus-induced lockdowns while upcoming U.S. presidential elections led to heightened caution. Risk appetite has taken a hit in the past week on the back of rising coronavirus cases and lockdowns, fears of the prospect of a tightly contested U.S. presidential election, absence of a pre-election U.S. fiscal stimulus and gloomy corporate outlook. Global [Read more]
Column: Exaggerated or impossible consequences of fracking oil and gas wells
Environmentalists have panicked many citizens into believing fracking is dangerous by greatly exaggerating the small risks that are associated with fracking of oil and natural gas wells. In reality, these risks are very low, just like the risks associated with other industrial activities, especially when those industrial activities are conducted competently. Many environmentalists falsely claim that banning fracking will reduce the production of oil & gas in the interests of reducing [Read more]
Obsidian Energy announces strong third quarter 2020 results driven by successful first half development program and continued improvements to our cost structure
CALGARY, AB, Nov. 2, 2020 - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") announces strong third quarter 2020 financial and operational results. Funds from Operations ("FFO") improved in the quarter as the success of our development program earlier in the year and our lower cost structure more than offset the impact of lower commodity prices, year over year. "Our strong third quarter performance is a direct result of the improvements [Read more]
Baytex announces third quarter 2020 financial and operating results and board appointment
CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX: BTE, NYSE: BTE.BC) reports its operating and financial results for the three and nine months ended September 30, 2020 (all amounts are in Canadian dollars unless otherwise noted). “We have made tremendous progress to re-set our business in the face of extremely volatile crude oil markets. Our third quarter results demonstrate the success of our actions as we generated free cash flow of $60 million and increased financial liquidity to $344 [Read more]
Canada turns on oil taps as restrictions lift
Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta's government lifted restrictions and as demand for heavy oil surged. Some companies in Canada, the world's fourth-largest producer, continued to post big losses in the third quarter, swelled by impairment charges related to pandemic travel restrictions that have depressed fuel demand. Producers cut 972,000 barrels per day (bpd) in spring when prices set new lows, [Read more]
Perpetual Energy Inc. announces extension of credit facility redetermination
CALGARY, AB, Oct. 30, 2020 – Perpetual Energy Inc. ("Perpetual" or the "Company") announced today that the revolving credit period applicable to the Company's credit facility has been extended to November 30, 2020 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before November 30, 2020. The extension of the revolving credit period provides additional time to finalize negotiations with its lenders [Read more]
Journey Energy Inc. completes debt restructuring
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is very pleased to announce the closing of an agreement for the settlement of its syndicated bank borrowings. Journey has secured a $38 million term-debt facility from its major shareholder, Alberta Investment Management Corporation ("AIMCo"), to fund the settlement of its $75 million credit facility with its syndicate of first-lien lenders. In addition to the initial $38 million payment to the banking [Read more]