Lone Pine Resources Inc. ([stock LPR.TO]) today announced that it has completed its previously announced Wild River asset disposition for total cash proceeds of $80.6 million. The proceeds of the disposition have been used by the Company to reduce indebtedness outstanding under its bank credit facility. As a result of the disposition, the borrowing base available under the bank credit facility has been reduced by $50 million from $325 million to $275 million. As of December 17, 2012, after [Read more]
Headlines
Oil rises on new hope of ‘fiscal cliff’ resolution in budget talks
By The Associated Press NEW YORK, N.Y. - The price of oil is rising Monday as political leaders in Washington appear closer to a resolution in critical budget negotiations. Benchmark crude rose 73 cents to $87.46 around 10:30 a.m. ET in New York. Seeking to break an impasse in budget talks, House Speaker John Boehner has offered to raise taxes on some wealthy earners. That offer is conditional on President Barack Obama agreeing to cuts in benefit programs. Leaders must strike a [Read more]
Bonterra Energy Corp. Releases Pro Forma Data
CALGARY, ALBERTA In conjunction with today's conference call and webcast, Bonterra Energy Corp. ([stock BNE.TO]) (Bonterra) is releasing key pro forma data with regard to the Definitive Agreement whereby Bonterra has agreed to acquire all of the issued and outstanding common shares of Spartan. Pro Forma Capitalization: Pre-Consolidation Post-Consolidation Fully Diluted Shares 19.9 million 30.6 million Market Capitalization(1) $1.3 billion Enterprise Value(1) $1.5 [Read more]
Renegade Petroleum Ltd. Announces Closing of Strategic Asset Acquisition to Become Income Plus Growth Dividend Paying Corporation and Achieves 2012 Exit Guidance of 8,000 boe/d
Renegade Petroleum Ltd. is pleased to report that the previously announced acquisition of certain strategic light oil assets from a senior Canadian producer has closed. With the closing of the Asset Acquisition, Renegade significantly strengthens its asset base within its existing core area of southeast Saskatchewan.Key attributes of the Asset Acquisition include the following: 3,600 boe/d of light oil production (94% light oil) with a stable, long life, low decline (18%) production [Read more]
Rig Count for December 17
[table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" style="background-color: #E0E0E0; text-align: center; vertical-align: middle;"]Canada`This Week`289`129 Last Week`281`125 Last Year`351`180 Week over Week Change`+8`+4 Year over Year Change`-62`-51[/table] [table] [attr style="width: 20%"]`[attr style="width: 30%"]`[attr style="width: 25%"]Oil`[attr style="width: 25%"]Gas [attr rowspan="5" [Read more]
Chinook Energy Announces Strategic Canadian Asset Acquisition and New Credit Facility
Chinook Energy Inc. is pleased to announce the following developments: Strategic Acquisition Effective April 1, 2012, Chinook acquired certain assets in the greater Grande Prairie area of northwestern Alberta from a senior producer for $31 million, before closing adjustments and related costs (the "Acquisition"). The acquired assets are within Chinook''s core Grande Prairie operating area and expand the Company''s Dunvegan and Doe Creek oil focus. Key attributes of the Acquisition are [Read more]
Athabasca Announces 2013 Capital Budget and Production Guidance
Athabasca Oil Corporation is pleased to announce its 2013 capital budget and production guidance. The Company plans to invest $798 million to develop its Light Oil and Thermal Oil assets in Alberta. Capital expenditures will be financed from cash-on-hand, low-interest debt and cash flow from production. Athabasca reaffirms that it is on track to exit 2012 with 10,000 to 11,000 barrels of oil equivalent per day (boe/d) from its assets in the liquids-rich Deep Basin. Positioning the Company for [Read more]
Long Run Announces Closing of Non-core Assets Sale
Long Run Exploration Ltd. announces that the Company has closed the previously announced disposition of its non-core Viking interests located in the Plato / Dodsland / Lucky Hills areas of Saskatchewan for total cash consideration of $180 million (subject to customary closing adjustments). Sale proceeds have been used to reduce the Company''s bank debt. As a result of this transaction, Long Run''s anticipated year-end net debt will be approximately $290 million. Long Run''s revolving, [Read more]
Japex to expand Hangingstone oilsands project alongside partner Nexen
By The Canadian Press CALGARY - A Japanese oil company is moving ahead with a $1.4-billion expansion to an oilsands project in which Nexen Inc. — soon to be acquired by China's CNOOC Ltd. — is a minority partner. Japan Petroleum Exploration Co., or Japex, plans to increase output at its Hangingstone project to 20,000 barrels per day, compared with the 6,000 to 7,000 it currently produces. Once that expansion phase starts up, Japex says it will decide on whether to expand production to [Read more]
Perpetual Reports Further Success on Asset Disposition Program, Provides Operational Update at Edson and Advises on Credit Facility Borrowing Base Review
Perpetual Energy Inc. is pleased to announce further positive results from the Corporation's ongoing asset disposition program. Subsequent to the end of the third quarter Perpetual has entered into definitive purchase and sale agreements for the divestiture of certain varied assets which will result in net realized proceeds of $8.2 million, subject to certain closing adjustments and transaction costs. These transactions are scheduled to all be closed on or prior to January 7, 2013. The [Read more]
