CALGARY, AB - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX: YGR) completes its semi-annual borrowing base review and sets 2021 Capital Budget. Bank Review The syndicated senior credit facility has been confirmed at $210 million. All other terms remain the same. The Company's banking syndicate is led by Alberta Treasury Branches and includes the Canadian Imperial Bank of Commerce and National Bank of Canada. Capital Budget As a result of improving macro conditions, [Read more]
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Inter Pipeline announces capital expenditure program for 2021
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $1 billion capital expenditure program for 2021. Approximately $930 million, or 93 percent, of total capital expenditures will be for organic growth initiatives, with the remainder invested in sustaining capital projects. Capital Expenditure Summary 2021 Forecast (millions) Growth Capital NGL Processing $860 Conventional Oil [Read more]
Heavy discount widens to biggest level in nearly 8 months
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Thursday to the biggest level in nearly eight months, reflecting additional production coming online after shut-ins: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.65 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settlement of $12.15 under. Modest widening is expected in 2021, but with no concerns about storage levels rising too [Read more]
Waterous Energy Fund to oppose the application filed by Osum Oil Sands Corp. with Alberta Securities Commission and has requisitioned a special shareholders meeting to protect shareholders’ right to choose
CALGARY, AB - Waterous Energy Fund ("WEF") acknowledges the filing on December 3, 2020 by Osum Oil Sands Corp. ("Osum" or the "Company") of an application to the Alberta Securities Commission ("ASC"), seeking to cease trade WEF's all-cash offer to acquire up to 52,500,000 common shares of Osum (the "Offer"). WEF is confident in its Offer. WEF will vigorously oppose the application and defend the shareholders' right to choose. Osum's Application to the ASC is an Afront to Shareholder [Read more]
Oil rises on vaccine rollout, concern on Iraq oilfield attack
Oil prices rose on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.88%, to $46.60 a barrel. Brent crude futures climbed 99 cents, or 2.1%, to $50.04 a barrel. "The market is looking past what looks like a difficult winter and peering into the optimistic lens [Read more]
Crew Energy Inc. announces 2021 capital budget and two-year plan to increase production to drive margin expansion
CALGARY, AB, Dec. 10, 2020 /CNW/ - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to announce that our Board of Directors (the "Board") has approved a capital expenditure budget for 2021 and an innovative asset development plan for 2021 and 2022, which are expected to expand margins through an efficient calibration of Crew's production to match our infrastructure and transportation commitments. Over the next 24 months, Crew plans to increase annual average daily production by [Read more]
Oil & gas holiday wishlist
With Christmas a few weeks away, Santa and his reindeer are prepping for another worldwide tour of handing out gifts, and Canada’s oil and gas sector is hoping to find some presents underneath the tree this year. This year has been one of the hardest on record for the battered and bruised industry, experiencing a once-in-a-lifetime global pandemic and a historic price collapse that saw thousands of people lose their jobs. So with Christmas around the corner, the oil and gas sector has been [Read more]
AltaGas provides update on strategic plan, introduces 2021 financial guidance and increases dividend by 4%
Strong execution and focus positions AltaGas to achieve 2020 guidance, be well-positioned to demonstrate durable increases in 2021 normalized earnings per share1, and return more capital to shareholders through 4% annual dividend increase CALGARY, AB - AltaGas Ltd. (AltaGas or the Company) (TSX: ALA) today provided an update on its long-term strategic plan, reiterated 2020 guidance, introduced its 2021 outlook, and announced a four percent increase to the Company's common share [Read more]
Cardinal Energy Ltd. announces extension of credit facility
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces it has received approval from its syndicate of lenders to extend our credit facilities ("Facilities"). The Facilities were renewed at $225 million and extend the revolving period and maturity date to May 31, 2021 and May 31, 2022, respectively. In this renewal Cardinal has received reserve based lending commitments from two new lenders, Export and Development Canada and Canadian Western Bank, while one [Read more]
Gibson Energy announces $250 million hybrid note offering
CALGARY, Alberta - Gibson Energy Inc. announced today that it will issue $250 million of 5.25% fixed-to-fixed rate subordinated notes due December 22, 2080 (the “Offering”). The Offering is expected to close on or about December 22, 2020, subject to customary closing conditions. Gibson intends to use the net proceeds from the Offering to fund the previously announced redemption of its outstanding 5.25% convertible unsecured debentures due July 15, 2021, to reduce outstanding indebtedness under [Read more]