CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Lightstream Resources Ltd. (the "Company" or "Lightstream") announces that the Court of Queen's Bench of Alberta has granted an approval and vesting order ("Approval and Vesting Order") for the previously announced purchase and sale of substantially all of the assets and business of Lightstream (the "Sale Transaction") for the full amount of the claims outstanding in respect of the Company's 9.875% second lien secured notes due 2019 ("Secured [Read more]
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ARC Resources Ltd. Closes Sale of Saskatchewan Assets
CALGARY, Dec. 8, 2016 /CNW/ - (ARX – TSX) ARC Resources Ltd. is pleased to announce that it has successfully closed the previously-announced sale of its Saskatchewan assets and operations to Spartan Energy Corp. (SPE – TSX), for total cash consideration of $700 million, subject to customary post-closing adjustments. The effective date of the transaction is October 1, 2016. The sale includes approximately 7,500 barrels of oil equivalent ("boe") per day of production as at the third quarter of [Read more]
Questerre issues no corporate development statement
CALGARY, Dec. 8, 2016 /CNW/ - Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) at the request of IIROC Market Surveillance and on behalf of the Toronto Stock Exchange, issued a statement that the Company is not aware of any undisclosed material development that would cause today's movement in the Company's share price. The Company notes that the National Assembly in Quebec is scheduled to vote on Bill 106, An Act to implement the 2030 Energy Policy and amend various [Read more]
Spartan Energy Corp. Announces Closing of Previously Announced Strategic Light Oil Acquisition, 2017 Corporate Budget and Increase in Borrowing Base to $350 Million
CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce the closing of its previously announced strategic light oil acquisition in southeast Saskatchewan from ARC Resources Ltd. (the "Acquisition"). The Acquisition includes high quality, low decline, operated production and a large land base which is highly complementary to Spartan's existing operations in southeast Saskatchewan. In addition, the Company is pleased to [Read more]
Montana Exploration announces equity rights offering
CALGARY, Dec. 6, 2016 /CNW/ – Montana Exploration Corp. ("Montana Exploration" or the "Company") (TSXV: MTZ) today announced that it will be offering rights to holders of its common shares at the close of business on the record date of December 12, 2016, on the basis of one right for each common share held (the "Rights Offering"). Each four (4) rights will entitle the holder to subscribe for one common share of Montana Exploration Corp. upon payment of the subscription price of C$0.195 per [Read more]
Spartan Energy Corp. Announces Exercise of Over-Allotment Option and Completion of $542.6 Million Equity Financings
CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce that it has closed its previously announced bought deal public offering of 95,852,500 subscription receipts ("Subscription Receipts") at a price of $3.00 per Subscription Receipt, which includes 12,502,500 Subscription Receipts issued pursuant to the exercise in full of the over-allotment option, for aggregate gross proceeds of approximately $287.6 million (the [Read more]
Manitok Energy Inc. Announces a New Production Milestone Exceeding 7,100 boe/d and Two Additional Well Test Results
CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to announce that it has achieved another production milestone. Based on field estimates, Manitok's current production level exceeds 7,100 boe/d (40% light oil and liquids) surpassing Manitok's previously announced record production level of 6,500 boe/d at the end of October 2016. The Corporation attributes the increase to placing three (two in Carseland and one in [Read more]
With depressed oil prices, producers find solace in the Viking play
The Viking play in western Canada has become a staple for oil producers seeking low-cost, high-quality oil production. Wells producing Viking oil can been drilled for as low as $620,000--in the case of Whitecap Resource's Saskatchewan property. Typically, wells are drilled, completed and tied-in for $0.75 - $1.2 million. These low cost wells offer lower risk opportunities for producers compared to prolific tight oil plays which get higher production rates, but at much higher costs. Viking oil [Read more]
Recession Over for Saskatchewan, but Economy Will Remain Weak
OTTAWA, Dec. 8, 2016 /CNW/ - Saskatchewan's economy contracted again this year, but conditions are forecast to improve gradually going forward. After declining by 1.5 per cent this year, overall economic growth is expected to resume in 2017, with GDP rising by 1.2 per cent, according to The Conference Board of Canada's Provincial Outlook: Autumn 2016. "The economic outlook for Saskatchewan is improving but the road to recovery won't be easy. The downturn in commodity markets appears to have [Read more]
Out of recession: recovery to take place in Alberta but at a moderate pace
OTTAWA, Dec. 8, 2016 /CNW/ - Alberta is forecast to emerge from one of the worst recessions to hit the province in decades next year, albeit economic recovery is likely to be modest, according to The Conference Board of Canada's Provincial Outlook: Autumn 2016. "It appears that the worst may be over for Alberta, but the road to recovery won't be easy. Given the lower oil price environment, energy sector budgets are not expected to increase substantially over the next few years, capping the [Read more]