CALGARY, Feb. 1, 2017 /CNW/ - Steelhead Petroleum Ltd. (Steelhead) and Toro Oil & Gas Ltd. (Toro) announced today the completion of Steelhead's acquisition, through its wholly owned subsidiary, Steelhead Acquisition Company Ltd., of all of the outstanding common shares (the Toro Common Shares) and warrants (the Toro Warrants) of Toro pursuant to an arrangement under the Business Corporations Act (Alberta) (the Arrangement). Over 99% of the votes of the holders Toro Common Shares and Toro [Read more]
Headlines
For the oil and gas industry, 2017 is off to a good start – but will it last?
After a dismal 2015 and 2016 — marked by record low activity rates, thousands of layoffs and battered financial results — producers and oilfield services (OFS) companies across North America certainly hope so. A number of positive investment announcements in the sector coupled with an uptick in industry activity at the end of 2016 have the Canadian oil and gas industry hoping the momentum continues into 2017. On the positive side of the ledger, both the Petroleum Services Association of [Read more]
Vector Resources Inc. and Razor Energy Corp. Announce Completion of Qualifying Transaction, Name Change, Share Consolidation, Term Loan Facility and Strategic Asset Acquisition
CALGARY, ALBERTA--(Marketwired - Jan. 31, 2017) - Vector Resources Inc. ("Vector") (NEX:VCR.H) and Razor Energy Corp. ("Razor" or the "Company") are pleased to announce the completion of their previously announced business combination which constituted Vector's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "TSXV"), as described in Vector and Razor's press release of December 29, 2016. Continuance, Name Change, Share [Read more]
Virginia Hills Oil Corp. Announces Credit Facility Maturity
CALGARY, ALBERTA--(Marketwired - Jan. 31, 2017) - Virginia Hills Oil Corp. ("Virginia Hills" or the "Company") (TSX VENTURE:VHO) announces that its syndicated credit facility (the "Credit Facility") has matured and remains unpaid as of January 31, 2017. The failure to repay the approximate $95.6 million principal amount owing under the Credit Facility on January 31, 2017 constitutes an event of default under the Credit Facility and entitles the lenders to, among other things, enforce their [Read more]
Northern Blizzard Resources Inc. Announces Waiver of Condition in Substantial Issuer Bid
CALGARY, Jan. 31, 2017 /CNW/ - Northern Blizzard Resources Inc. ("Northern Blizzard") (TSX: NBZ) today announced that there is a condition in its substantial issuer bid (the "Offer") that it intends to waive in order to proceed with take up and payment under the Offer on Friday, February 3, 2017. Northern Blizzard has offered to purchase up to $90.0 million of its common shares for $4.00 per share pursuant to the Offer that commenced on December 9, 2016. Since the date of the Offer, Northern [Read more]
AIMCo Announces Investment in Razor Energy Corp.
EDMONTON, Jan. 31, 2017 /CNW/ - Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, is pleased to announce that it has successfully entered into a strategic financing relationship with Razor Energy Corp. ("Razor") ("RZE-TSXV"). Razor is a publicly-traded junior oil and gas development and production company headquartered in Calgary, Alberta. Its efforts are concentrated on acquiring, and subsequently enhancing, producing [Read more]
Athabasca Oil Corporation Closes Transformational Acquisition of High Quality Thermal Oil Assets from Statoil ASA
CALGARY, ALBERTA--(Marketwired - Jan. 31, 2017) - Athabasca Oil Corporation (TSX:ATH) ("Athabasca" or the "Company") is pleased to announce the closing of the Thermal Oil asset acquisition from Statoil Canada Ltd. ("Statoil") establishing the Company as an intermediate oil weighted growth company with a low decline production base. The acquisition complements Athabasca's strategy and positions the Company for strong growth and financial sustainability: Light Oil: Defined and Material Growth [Read more]
Crescent Point Energy Drilled over 1.4 million metres in 2016
Crescent Point Energy Drilled 1,443,392 metres in 2016. 1,380,401 of which was in Saskatchewan where the company holds most of their operations. What is apparent is that they put by far the most pipe into the ground compared to any other producer in Canada. Company Metres Drilled Crescent Point Energy 1,443,392 Raging River Exploration Inc. 682,012 Teine Energy Ltd. 667,594 Tourmaline Oil Corp. 562,492 Peyto Exploration and Development 547,639 Shell [Read more]
First Nations given role on Pacific NorthWest LNG environment committee
OTTAWA - The federal government is announcing two B.C. First Nations have agreed to be members of a new environmental monitoring committee for the proposed $11.4-billion Pacific NorthWest LNG project. The government says the agreement, the first of its kind, will include the Lax Kw'alaams Band and the Metlakatla First Nation, aboriginal groups whose members have been split on support for the proposed export terminal near Prince Rupert on British Columbia's northern coast. The [Read more]
ConocoPhillips Announces 6 Percent Increase in Quarterly Dividend
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that its board of directors has raised the company’s quarterly dividend to 26.5 cents per share, an increase of 6 percent. The dividend is payable on March 1, 2017, to stockholders of record at the close of business on Feb. 14, 2017. “Today’s announced 6 percent increase in our quarterly dividend rate is consistent with our priorities and an important part of returning 20 to 30 percent of cash from operating activities to [Read more]