The Paddon Hughes Development Co. Ltd. (“Paddon Hughes”) has retained CB Securities Inc. (“CB Securities”) as its exclusive advisor for the sale of all of its properties in either a property or a corporate transaction. Paddon Hughes holds many non-operated working interests, freehold and over-riding royalty interests, and non-operated facility interests with third party processing revenues. There is only one operated well that is contract operated. The working interests and royalty interests [Read more]
Headlines
Restructured and much smaller Penn West proposes name change to Obsidian Energy
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) wants to change its name to Obsidian Energy Ltd. after surviving an accounting scandal, debt crisis and commodity price crash over the past three years. David French, who took over as CEO of the Calgary oil and gas company in October, says shareholders will be asked to approve the change because the company no longer resembles the "old Penn West." In July 2014, Penn West announced that hundreds of millions of dollars in expenses had [Read more]
Connacher Announces Q1 2017 Results
CALGARY, May 26, 2017 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announces its financial and operating results for the quarter-ended March 31, 2017 (all amounts are in Canadian dollars unless otherwise noted). Q1 2017 Highlights Financial Q1 2017 revenue, net of royalties, increased to $46.9 million (Q1 2016 - $11.8 million) due to higher sales volumes and higher crude oil benchmark pricing Q1 2017 adjusted EBITDA increased to $1.9 million (Q1 2016 – [Read more]
US rig count rises 7 this week to 908; Colorado up 5
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. rose by seven this week to 908. A year ago, 404 rigs were active. Houston oilfield services company Baker Hughes said Friday that 722 rigs sought oil and 185 explored for natural gas this week. One was listed as miscellaneous. Colorado added five rigs while Alaska, New Mexico, North Dakota and Oklahoma each gained one. Texas lost one rig. Arkansas, California, Kansas, Louisiana, [Read more]
Canada Weekly Rig Count Up 8 to 93
Western Canada’s fleet of drilling rigs have risen again this week 93 actively drilling according to data collected by Baker Hughes for the week of May 26. Drilling activity is normally slow this time of year but has increased the last two weeks, and is still very active in comparison to last year’s count. From one week ago, Alberta rig counts stayed the same at 66 active rigs, Saskatchewan added rigs once more for the third straight week – current count at 12 which is up 8 from last [Read more]
Razor Energy Corp. Announces Release of First Quarter 2017 Results and Executive Appointment
CALGARY, ALBERTA--(Marketwired - May 26, 2017) - Razor Energy Corp. ("Razor" or the "Company") (TSX VENTURE:RZE) (www.razor-energy.com) is pleased to announce its first quarter 2017 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended March 31, 2017 which are available on SEDAR at [Read more]
Penn West Proposes a Name Change to Obsidian Energy
CALGARY, May 26, 2017 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to propose a name change to Obsidian Energy Ltd. "As we look around today, our Company is very different from just a few short years ago," reflected David French, President and Chief Executive Officer. "Over the past several months, we spoke a lot about concluding the story of our restructuring, which touched everything from our balance sheet, key [Read more]
AIMCo Announces Significant Investment in Ikkuma Resources
EDMONTON, May 25, 2017 /CNW/ - Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, is pleased to announce that today it has successfully entered into a strategic financing relationship with Ikkuma Resources Corp., ("Ikkuma") (TSE: IKM). Based upon the terms of the agreement, the financing relationship provides for a debt-with-warrants financing consisting of a CAD $45 million second lien senior secured term loan, which bears annual interest at 7.25% and [Read more]
Ikkuma Resources Corp. Announces Closing of Debt Financing and Amendment to Credit Facilities
CALGARY, May 25, 2017 /CNW/ - Ikkuma Resources Corp. ("Ikkuma" or the "Corporation") (TSXV: IKM) announces that it has completed a financing with Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, providing for a $45.0 million second lien senior secured term loan (the "Second Lien Facility"), which bears annual interest at 7.25% and matures on March 31, 2022. The proceeds from the Second Lien Facility were made available in a single draw and amounts [Read more]
Hemisphere Energy Announces Q1 2017 Financial and Operating Results
TSX-V: HME VANCOUVER, May 25, 2017 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") announces its financial and operating results for the three months ended March 31, 2017. Q1 2017 Highlights Achieved quarterly production average of 583 boe/d (91% oil), a 15% increase over the first quarter of 2016. Increased revenue by 145% to $2.3 million compared to the first quarter of 2016. Increased operating netbacks, which includes gains on commodity [Read more]