CALGARY, ALBERTA--(Marketwired - Jan. 12, 2017) - MEG Energy Corp. (TSX:MEG) announced today that is planning to commence, subject to market and other conditions, a private offering of US $750 million in aggregate principal amount of new senior secured notes due 2025 (the "Secured Notes"). The Secured Notes will initially be issued through a wholly-owned subsidiary of MEG. MEG intends to use the net proceeds, together with cash on hand, to finance the redemption of all of its outstanding 6.50% [Read more]
Headlines
Perpetual Eliminates Minimum Acceptance Condition and Extends Note Exchange Proposal for its 8.75% Senior Notes and Provides Hedging Update
CALGARY, Jan. 12, 2017 /PRNewswire/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual" or the "Company") announces that it has further extended the acceptance date for its previously announced proposal to exchange all of its 8.75% senior notes due March 15, 2018 (the "2018 Senior Notes") and its 8.75% senior notes due July 23, 2019 (the "2019 Senior Notes" and together with the 2018 Senior Notes, the "Existing Senior Notes") for new 8.75% senior notes (the "Exchange Senior Notes") having an [Read more]
Chinook Energy Announces Upcoming Board Succession
CALGARY, ALBERTA--(Marketwired - Jan. 12, 2017) - Chinook Energy Inc. (TSX:CKE) ("Chinook" or the "Company") announced today that each of Donald Archibald, Matthew Brister and Stuart Clark, directors of the Company, have advised the Board of Directors of the Company that they will not be standing for re-election at the Company's annual and special meeting of shareholders to be held on May 11, 2017 (the "Meeting"). The remaining directors of the Company, each of whom are independent directors, [Read more]
Two small western towns where coal is king look to the future in uncertain times
HANNA, Alta. - The hand-painted sign on a bumpy road on the east side of Hanna speaks volumes. "Hanna supports coal, cows, gas and oil," it says bluntly. The sign includes a circle with a line through it over the words "carbon tax." The town of 2,700, 230 kilometres northeast of Calgary, like many rural Alberta communities, has largely lived off agriculture. But a large vein of thermal coal east of town led to the construction of the coal-fired Sheerness generating plant [Read more]
Tamarack Valley Energy Ltd. Announces Closing of Spur Resources Ltd. Acquisition and Increase in Borrowing Base to $220 Million
CALGARY, ALBERTA--(Marketwired - Jan. 11, 2017) - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX:TVE) is pleased to announce that it has successfully completed the previously announced acquisition (the "Acquisition") of Spur Resources Ltd. ("Spur") pursuant to a plan of arrangement under the provisions of the Business Corporations Act (Alberta). Immediately prior to the closing of the Acquisition, Spur conveyed all of its non-Viking assets to a newly formed private company, to be [Read more]
B.C.’s five conditions set out for Trans Mountain pipeline approval
VICTORIA - British Columbia Premier Christy Clark said Wednesday that all of her government's conditions had been met for approval of Kinder Morgan's Trans Mountain pipeline. Here is a list of the conditions the premier unveiled in 2012. 1. Successful completion of the environmental review process. B.C. initially planned to rely on the National Energy Board's review of the expansion. The B.C. Supreme Court ruled last year that the province couldn't simply depend on federal [Read more]
B.C. grants Trans Mountain pipeline environmental approval
VICTORIA - Premier Christy Clark announced British Columbia's support for the expansion of the Trans Mountain pipeline Wednesday, saying the project meets her government's five conditions for approval and includes a revenue-sharing agreement worth up to $1 billion. Clark said she's now convinced Kinder Morgan Canada's $6.8-billion project will protect B.C. from potential environmental damage with world-leading spill prevention and response measures. The project also promises $20 [Read more]
Strategic Oil & Gas Announces Brokered Private Placement
CALGARY, ALBERTA--(Marketwired - Jan. 11, 2017) - Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) ("Strategic" or the "Company") is pleased to announce that it has appointed Paradigm Capital Inc. (the "Agent") to sell, by way of a private placement on a best efforts basis, common shares (the "Common Shares") of the Company at a price of $0.12 (the "Issue Price") per Common Share for gross proceeds of up to $5,000,000 (the "Offering"). The Agent has been granted the option (the "Agent's [Read more]
MEG Energy announces comprehensive refinancing plan including an extended 5 year covenant-lite revolving credit facility, a CDN$357 MM equity financing and a return to growth 2017 capital budget
CALGARY, ALBERTA--(Marketwired - Jan. 11, 2017) - MEG Energy Corp. ("MEG" or the "Company") (TSX:MEG) announced today comprehensive refinancing transactions which are expected to support a strengthened balance sheet, as well as increased production and reduced costs through an expansion of the Company's growth program. The refinancing plan retains the covenant-lite flexibility of its current debt structure. MEG also announced today its 2017 capital investment plan and operational [Read more]
Barack Obama has been a disaster for Alberta’s oil industry
After eight long years, President Obama's reign is nearing its end. He is widely viewed as a popular figure across Canada--mainly eastern Canada where he is viewed positively by nearly 80% of the population. If eastern Canadians had more pride in their national oil and gas resources, they would not see President Obama in the same glowing light. He has been one of the biggest challenges to face Canada's oil industry, and his departure from the White House--especially given his successor--is a big [Read more]