CALGARY, ALBERTA--(Marketwired - Oct. 2, 2017) - Harvest Operations Corp. ("Harvest" or the "Company") is pleased to announce that it has repaid in full Harvest's outstanding approximately U.S.$282,500,000 aggregate principal amount of 67/8% Senior Notes (the "Notes") that were due October 1, 2017. In connection with the repayment of the Notes, Harvest has filed Form 15-F with the U.S. Securities and Exchange Commission (the "Commission") in order to terminate its reporting obligations under [Read more]
Headlines
Private Osum Oil Sands sells production royalty for $92.5M to pay for expansion
CALGARY - A private Calgary oilsands producer is selling a portion of future production to raise money to expand its northern Alberta project, a funding method gaining traction in a sector having difficulty attracting investors. Osum Oil Sands Corp. said Monday it has approved a 3,000-barrel-per-day expansion of its Orion project to take output to over 12,000 barrels per day by mid-2019. The company said it will pay for the expansion with part of about $92.5 million in cash it [Read more]
Seven Generations completes offering of US$700 million 5.375% senior unsecured notes
CALGARY, ALBERTA--(Marketwired - Oct. 2, 2017) - Seven Generations Energy Ltd. (TSX:VII) has completed its previously announced offering of US$700 million aggregate principal amount of 5.375% senior unsecured notes due 2025, which were offered, on a private placement basis, to eligible purchasers (the "Offering"). Seven Generations intends to use the net proceeds of the Offering, together with its cash balances, to repurchase its outstanding US$700 million aggregate principal amount 8.250% [Read more]
Oil drillers, not forecasters, are responsible for WTI weakness
LONDON, Oct 2 (Reuters) - The U.S. Energy Information Administration (EIA) is distorting oil prices by being far too optimistic in its forecasts for U.S. production, according to Harold Hamm, the chief executive of Continental Resources . Hamm, who also chairs the Domestic Energy Producers Alliance (DEPA), a lobbying group, blames EIA for both the outright decline in U.S. oil prices and their underperformance compared with Brent since June. Hamm faults EIA for being too optimistic about U.S. [Read more]
Pembina Announces Closing of Business Combination with Veresen, Declares Increased Common Share Dividend and Provides Business Update
All figures are in Canadian dollars unless otherwise indicated CALGARY, Oct. 2, 2017 /PRNewswire/ - Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) ("Pembina") is pleased to announce that it has completed its previously announced business combination (the "Transaction") with Veresen Inc. (TSX: VSN) ("Veresen") pursuant to a plan of arrangement (the "Arrangement") under Section 193 of the Business Corporations Act (Alberta) to create one of the largest energy infrastructure companies in [Read more]
Energy efficiency, not electro-energy anarchy, is the future and hybrid vehicles point the way
As a youth, I, like most others, did my best to drive my parents crazy by spending my time reading magazines as opposed to anything they might have considered worthwhile. I knew nothing about any historical events before the most recent Tuesday, but I could tell you anything about fast cars. To this day I remember little about high school biology but I do remember quite clearly a review of a Porsche 911 from the early 1980s. I can see the pictures and stats page in my mind, and I can remember [Read more]
Hearings begin for First Nations, environmental group opposed to Trans Mountain
VANCOUVER - Several First Nations, municipalities and environmental groups that are opposed to the approval process of the Trans Mountain pipeline expansion in British Columbia will be arguing their position in the Federal Court of Appeal over the next two weeks. The hearing beginning Monday in Vancouver consolidates numerous lawsuits filed by seven First Nations applicants, the cities of Burnaby and Vancouver, the Raincoast Conservation Foundation, and the Living Oceans Society, which [Read more]
Today marks the 50th anniversary of revolutionary Great Canadian Oil Sands Limited, the precursor to Suncor Energy
Editor's note: The following is the transcript of a speech given by author Peter McKenzie-Brown discussing his latest book: 'Bitumen: The people, performance and passions behind Alberta’s oil sands.' Great Canadian Oil Sands Limited was the precursor to what is now Canada's largest energy company: Suncor Energy. Today marks the 50th anniversary of GCOS opening for business and we at the BOE Report appreciate the historical importance of this moment in time for the Alberta and Canadian [Read more]
Seven Generations announces expiration of tender offer for its 8.250% senior unsecured notes due 2020
CALGARY, ALBERTA--(Marketwired - Sept. 29, 2017) - Seven Generations Energy Ltd.'s (TSX:VII) tender offer was accepted by holders representing US$224,340,000 aggregate principal amount of 7G's 8.250% senior unsecured notes due 2020 (the "Notes"). The previously announced cash tender offer to purchase any and all of the outstanding principal amount of the Notes expired at 5:00 p.m., EDT, on September 29, 2017 (the "Expiration Time"). Seven Generations intends to accept for payment all Notes [Read more]
Canada Weekly Rig Count Down 7 to 213
Western Canada’s fleet of drilling rigs increased to 220 actively drilling rigs according to data collected by Baker Hughes for the week of September 29. From one week ago, Alberta rig counts remained at 144, the Saskatchewan rig count decreased by 5 to 39. Oil drilling dropped by 9 to 113; gas rigs went back to 100 from 98. View a full breakdown of western Canada’s rig activity. [Read more]