CALGARY, AB - Gear Energy Ltd. ("Gear" or the "Company") (TSX: GXE) is pleased to provide the following fourth quarter operating update and reserves summary to shareholders. Gear's Consolidated Financial Statements and related Management's Discussion and Analysis ("MD&A") for the period ended December 31, 2020 are available for review on Gear's website at www.gearenergy.com and on www.sedar.com. Financial Summary Three months ended Twelve months [Read more]
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Distinction Energy Corp. announces strategic Simonette asset acquisition
CALGARY, Alberta - Distinction Energy Corp. (“Distinction” or the “Company”) is pleased to announce its commitment to participate as to 50% in a $335 million acquisition, including $15 million in contingency payments based on future commodity prices, entered into by Kiwetinohk Resources Corp. (“Kiwetinohk”) for certain interests in the Simonette area of northwest Alberta (the “Acquisition”). The Acquisition consists of certain multi-zone, oil and liquids-rich natural gas producing assets in the [Read more]
Peyto Reports Year End Reserves, Strategic Acquisitions and 48% Increase in Capital Budget
CALGARY, Alberta, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (“Peyto” or the “Company”) is pleased to present the results and in-depth analysis of its independent reserve report effective December 31, 2020. The evaluation encompassed 100% of Peyto’s reserves and was conducted by InSite Petroleum Consultants (“InSite”). The year 2020 marks the Company’s 22nd year of successful reserves development. 2020 HIGHLIGHTS For the year ended December 31, 2020, [Read more]
Ovintiv Reports Fourth Quarter and Full-Year 2020 Results, Announces Multi-Year Debt Reduction Target, Signs Agreement to Sell Duvernay and Provides Strong 2021 Outlook
Year-end 2020 debt reduced nearly $500 million from mid-year 2020 2021 debt reduction target increased 25% to $1.25 billion including second half 2020 Multi-year debt target issued: $4.5 billion of total debt by year-end 2022 Company signs agreement to sell its Duvernay asset for $263 million Company generated significant non-GAAP Free Cash Flow for third consecutive year Strong well performance and realized prices combined with lower cash costs drive cash flow beat with [Read more]
Shell Sells Non-Core Canadian Shale Assets to Crescent Point Energy
CALGARY, AB, Feb. 17, 2021 /CNW/ - Royal Dutch Shell plc, through its affiliate Shell Canada Energy ("Shell"), has reached an agreement with publicly listed Canadian energy company Crescent Point Energy Corp. ("Crescent Point") to sell its Duvernay shale light oil position in Alberta, Canada for a total consideration of $707 million (C$900 million). The transaction has an effective date of January 1, 2021. The consideration is comprised of $550 million in cash and 50 million shares (valued [Read more]
Crescent Point announces accretive acquisition of Kaybob Duvernay assets for $900 million and enhanced free cash flow
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce that it has entered into an agreement (the "Agreement") with Shell Canada Energy ("Shell"), an affiliate of Royal Dutch Shell plc, to acquire Shell's Kaybob Duvernay assets in Alberta (the "Assets") for $900 million (the "Acquisition"). The total consideration consists of $700 million in cash and 50 million common shares of Crescent Point. KEY HIGHLIGHTS [Read more]
U.S. deep freeze weather boosts Canadian oil and gas producer profits and prospects
CALGARY - Canadian oil and gas producers are banking higher profits as unusually severe winter weather sidelines U.S. rivals this week and drives up demand and prices for their products. But analysts say that while the higher prices are providing a needed short-term boost for the struggling Canadian oilpatch, the gains will likely gradually fall away when warmer weather allows American producers to get back in the field to repair and restart their facilities. IHS Markit natural gas analyst [Read more]
E3 Metals adds seasoned oil and gas executive to the board
CALGARY, AB - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading direct lithium extraction technology innovator, is pleased to announce the appointment of Mr. Kevin Stashin as an Independent Director to its Board, effective today. Mr. Stashin is an oil and gas executive with over 40 years of industry experience with both junior and major companies, including Devon Canada Corporation, Anderson Exploration, and [Read more]
Spartan Delta Corp. upsizes previously announced financings
CALGARY, Alberta - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV:SDE) is pleased to announce that, as a result excess demand, it has increased the size of its previously announced non-brokered private placement (the "Private Placement") and has agreed with the syndicate of underwriters led by National Bank Financial Inc. to increase the size of its previously announced bought-deal financing (the "Prospectus Offering"). Spartan will now issue: (i) 10,000,000 common shares (the "Common [Read more]
Oil steady amid Texas supply disruptions, potential OPEC+ moves
Bullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC+ producers may ease their output curbs after April. U.S. West Texas Intermediate (WTI) crude futures dipped 28 cents, or 0.47% to $59.84 a barrel, retreating from a 13-month high of $60.95 hit on Tuesday. Brent crude dropped 2 cents, or 0.3%, to $63.42 a barrel. Oil prices have run up strongly in recent months and supply [Read more]