Inter Pipeline Ltd. says it has initiated a review of strategic alternatives in response to a hostile takeover bid launched last week by its largest shareholder, Brookfield Infrastructure Partners LP. It says it will evaluate options that could include a corporate sale while it continues to try to find a partner to help develop its $4-billion Heartland Petrochemical Complex now under construction near Edmonton. Brookfield has said it would offer $16.50 per share in cash or 0.206 of a [Read more]
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Whitecap and TORC announce shareholder and court approval of strategic combination
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) and TORC Oil & Gas Ltd. ("TORC") (TSX: TOG) are pleased to announce that securityholders from both companies have voted to support the proposed business combination (the "Business Combination") announced on December 8, 2020 to combine the two companies. On February 18, 2021, Whitecap and TORC held separate special shareholder meetings via live webcast. Each company's securityholders, respectively, voted on [Read more]
Inter Pipeline initiates comprehensive strategic review process to maximize shareholder value
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) announced today that, following the recently announced unsolicited expression of interest for the Company, the Board of Directors (the "Board") has initiated a comprehensive review of strategic alternatives to maximize shareholder value (the "Strategic Review"). The Board has established a special committee ("Special Committee"), chaired by Margaret McKenzie and made up of its independent directors, to oversee the [Read more]
Inter Pipeline announces 2020 financial and operating results
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced its financial and operating results for the three and twelve-month periods ended December 31, 2020. 2020 Highlights Annual funds from operations (FFO) totalled $792 million Oil sands transportation business generated record annual FFO of $616 million Net income of $359 million Declared cash dividends of $336 million, or $0.79 per share Annual payout ratio* of 42 percent Completed the divestiture [Read more]
Improved offer from Waterous Energy Fund supported by the independent board members and executive team
CALGARY, AB - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to update shareholders on matters related to the bid for the Company launched by Waterous Energy Fund ("Waterous" or "WEF") on November 2, 2020. As announced earlier today, WEF is now offering to buy up to 57,000,000 Osum common shares ("Osum Shares") at an offer price of $3.00 per share (the "Improved Offer"), an increase from its original offer for up to 52,500,000 Osum Shares at $2.40 in cash per share. The improved offer [Read more]
Waterous Energy Fund improves its cash offer for Osum and enters into support agreements with all independent directors and all senior executive officers
CALGARY, AB - Waterous Energy Fund ("WEF") is pleased to announce that its subsidiary WEF Osum Acquisition Corp. (the "Offeror") has improved its all-cash offer to acquire common shares ("Osum Shares") of Osum Oil Sands Corp. ("Osum"). WEF has received the support of all three members of Osum's special committee of independent board members ("Special Committee") and all five executive officers of Osum, including William Friley, Chairman of the Board of Directors, and Steve Spence, President and [Read more]
Razor Energy Corp. announces multi-year amendment of its existing non-revolving term loan facility; and announces enhanced Lliquidity from new term loan and royalty transaction
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce that it has secured an extension to its existing non-revolving term loan facility from Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of AIMCo’s clients, for an amended principal amount of $50.1 million (the “Second Amended and Restated Loan Agreement” or the “Term Loan Facility”). The terms of the Term Loan Facility are materially unchanged from the previous Amended [Read more]
Unpaid oilpatch property taxes triple in two years, say rural municipalities
EDMONTON - Alberta's rural towns say property taxes that have gone unpaid by the province's struggling oilpatch have tripled in two years. A survey released by the Rural Municipalities of Alberta says industry owes a total of $245 million. The association's president, Paul Sutherland, says the provincial government should close loopholes that make it tough for communities to collect property taxes from energy companies. He also says the province's energy regulator should look more [Read more]
Oil sands procurement from Indigenous suppliers increases to $2.4 billion
CALGARY, AB - A survey by the Canadian Association of Petroleum Producers (CAPP) of oil sands producers shows the increasing role of Indigenous suppliers to the industry. In 2019, about $2.4 billion was spent on procurement from Indigenous businesses; 16 per cent higher than in 2018 and 53% higher than in 2017. The number of Indigenous suppliers has also grown from 263 in 2017 to 275 in 2019, with cumulative procurement spending in the three-year period totalling about $5.9 billion. The oil [Read more]
Shell to sell Alberta shale oil assets to Crescent Point in $900 million deal
CALGARY - Crescent Point Energy Corp. says it has struck a deal to buy Alberta oil and gas producing assets from the Canadian arm of Royal Dutch Shell for $900 million. The Calgary-based producer says it will pay $700 million in cash and issue 50 million shares in return for the Duvernay light oil shale assets in the western part of the province. Shell, which sold most of its oilsands assets in Alberta to Calgary-based Canadian Natural Resources Ltd. in 2017, says the deal announced after [Read more]