Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announced today that the Court of Queen's Bench of Alberta (the "Court") has issued an interim order (the "Interim Order") authorizing, among other things, the holding of the following meetings (collectively, the "Meetings"): (i) a meeting (the "Senior Noteholders' Meeting") of holders of the Company's outstanding: (i) 4.37% Notes due November 2, 2020; (ii) 4.25% Notes due October 25, 2021; (iii) 4.47% [Read more]
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Cardinal Energy Ltd. announces approval of debenture amendments and commencement of exchange right
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) announces that 99.54% of the holders of our 5.50% convertible debentures that voted at the extraordinary meeting of debentureholders held earlier today have voted in favour of a resolution approving certain amendments to the debentures. As a result, all debentureholders now have the right to exchange their debentures for a new series of 8.00% convertible debentures. This right must be exercised prior to 5:00 p.m. (Eastern time) on [Read more]
Canadian crude-by-rail exports drop by half in April as fuel demand plunged
CALGARY - Canadian exports of crude oil by rail dropped by more than half in April compared to March as North American fuel demand plunged due to measures taken to control the COVID-19 pandemic. The Canada Energy Regulator says rail shipments of oil in April fell to 156,000 barrels per day, down from 351,000 bpd in March and 240,000 bpd in the same month of 2019. Shipments reached a record high of 412,000 bpd in February. Rail transportation of crude oil is considered to be more expensive [Read more]
U.S. and Canadian oil & gas rig count falls to record lows
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low even as higher oil prices prompt some producers to start drilling again. In Canada, the oil and gas rig count fell four to an all-time low of 17 this week, according to Baker Hughes. That was 102 rigs, or 86%, below this time last year. View a full breakdown of Western Canada’s rig activity. The U.S. oil and gas rig count, an early indicator of future output, fell to a record low for a [Read more]
Oil prices rise on faith in supply cuts, demand recovery
Oil prices pushed higher in early trade on Friday, building on gains in the previous session, after OPEC producers and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well. U.S. West Texas Intermediate (WTI) crude futures climbed $1.25, or 3.23%, to $40.05 a barrel. Brent crude futures rose $1.14, or 2.78%, to $42.52 a barrel. Both contracts rose around 2% on Thursday. Plans by Iraq and Kazakhstan to make up for overproduction [Read more]
Bonavista Announces Recapitalization Transaction
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announced today a proposed recapitalization transaction (the "Recapitalization Transaction") designed to balance the capital structure and strengthen the Company's overall financial position. The Recapitalization Transaction would, among other things, reduce the Company's total outstanding debt by approximately $482.6 million (representing 56% of the Company's current outstanding debt) and reduce cash [Read more]
Tamarack Valley Energy Ltd. announces completion of credit facility redetermination
CALGARY, AB - Tamarack Valley Energy ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that our bank syndicated credit facility has been redetermined at $275 million, of which the company was drawn approximately $209 million as of June 18th, 2020. The Company has ample liquidity for the remainder of 2020 and expects to generate free adjusted funds flow1 over and above planned capital expenditures with a forecasted net debt to trailing annual adjusted funds flow ratio1 of less than [Read more]
Ovintiv lays off staff as fears rise for delayed oil industry recovery
CALGARY - Fears of persistently lower demand for oil are hitting home for industry workers as the world economy slowly strengthens following the deepest disruptions of the COVID-19 crisis. Oil and gas producer Ovintiv Inc. says it issued layoff notices to some of its 2,600 staff in Canada and the United States starting on Monday. Director of communications Cindy Hassler says the company, which moved its headquarters from Calgary to Denver last year and changed its name from Encana Corp., [Read more]
Lengthy lockout: Co-op announces tentative deal with Regina refinery workers
REGINA - The owner of Regina's Co-op oil refinery complex where workers have been locked out for more than six months says it has a tentative contract deal with the union. Federated Co-operatives Ltd. says the deal includes parts of the company's final offer and a return-to-work agreement. It says Unifor Local 594's bargaining committee has tentatively accepted the deal, which still needs to be ratified by workers. Workers were supposed to rally in front of the Saskatchewan legislature [Read more]
Oil prices tick up as drop in U.S. product stocks encourages bulls
Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. U.S. West Texas Intermediate (WTI) crude futures rose 34 cents to $38.04 a barrel. Brent crude futures were up 36 cents at $40.90 a barrel. Both benchmarks were down about 2% earlier in the session as worries about fuel demand rose after a surge in coronavirus cases led Beijing to [Read more]