Three large acquisitions were announced yesterday in North America's upstream oil and gas industry. Combined, the transactions were valued at over C$3.25 billion containing 70,000 boe/d gross production and over 888 MMboe of proved reserves. Here's the three deals: Athabasca Oil Corp bought Statoil's Leismer Thermal Oil Project $582,000,000 purchase price 24,000 bopd production 291 MMbbl proved reserves PrairieSky Royalty announced a deal to purchase royalty assets from [Read more]
Headlines
Canadian Natural Resources Limited Announces 2017 Budget
CALGARY, ALBERTA--(Marketwired - Dec. 15, 2016) - Commenting on the Company's 2017 budget, Steve Laut, President of Canadian Natural (TSX:CNQ)(NYSE:CNQ), stated, "With Horizon Phase 2B online, Canadian Natural is now a more robust and sustainable company. In 2017 we will complete the last major component of the Horizon expansion and make a significant step towards our transition to a long-life, low decline asset base with Horizon Phase 3 targeted to be on stream in Q4 2017. The robustness of the [Read more]
Questerre reports on results offsetting Kakwa North acreage
CALGARY, Dec. 15, 2016 /CNW/ - Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported today on the results from a recent joint venture well drilled directly offsetting its 100% owned seven sections in the Kakwa-Resthaven area. Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We are very encouraged that recent results of approximately 170 bbls/MMcf and less than 25 ppm H2S are in line with the results from our joint venture block. It [Read more]
TORC Oil & Gas Ltd. Announces 2017 Capital Budget and Production Guidance; Confirms December Dividend
CALGARY, Dec. 14, 2016 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce the Company's Board of Directors has approved a 2017 capital budget of $130 million. TORC's strategic objectives associated with the 2017 capital budget are consistent with the Company's long term objectives of delivering disciplined per share growth in combination with maintaining financial flexibility while providing a sustainable dividend over the long term. TORC's 2017 [Read more]
Raging River Exploration Inc. Announces 2017 Capital Budget of $310 Million and Confirmation of Increase in the Credit Facilities to $400 Million
CALGARY, ALBERTA--(Marketwired - Dec. 14, 2016) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) announces that the Company's board of directors (the "Board") has approved a 2017 capital budget of $310 million. The budgeted capital expenditures are expected to increase average production to 22,500 boe/d (93% oil) representing a year over year production per share growth of 25% in 2017. The approved capital budget approximates forecasted cash flow of $310 million at [Read more]
Marquee Energy Ltd. Announces $2.5 Million Bought Deal Private Placement Flow-Through Shares
CALGARY, AB--(Marketwired - December 14, 2016) - Marquee Energy Ltd. ("Marquee" or the "Corporation") (TSX VENTURE: MQX) is pleased to announce that it has entered into a bought deal financing agreement, on a private placement basis, with Acumen Capital Finance Partners Limited (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase 14,705,883 flow-through common shares under the Income Tax Act (Canada) with respect to Canadian exploration expenses of the Corporation (the [Read more]
Tervita Completes Recapitalization Transaction and Announces New Board Appointments
CALGARY, ALBERTA--(Marketwired - Dec. 14, 2016) - Tervita Corporation and certain of its affiliates ("Tervita" or the "Company") announced today that the Company's previously announced recapitalization transaction (the "Recapitalization Transaction"), described in the Company's management information circular dated October 28, 2016 (as amended from time to time), was completed effective today upon implementation of a court-approved plan of arrangement under the Canada Business Corporations Act. [Read more]
Athabasca Oil Corporation Announces Transformational Acquisition of High Quality Thermal Oil Assets from Statoil ASA
CALGARY, ALBERTA--(Marketwired - Dec. 14, 2016) - Athabasca Oil Corporation (TSX:ATH) ("Athabasca" or "the Company") is pleased to announce that is has entered into agreements with Statoil ASA ("Statoil") and its wholly owned subsidiary Statoil Canada Ltd. to acquire its Canadian Thermal Oil assets for consideration of $435 million cash, 100 million common shares and contingent value payments triggered at oil prices above US$65/bbl WTI. The acquired assets include the operating Leismer Thermal [Read more]
Traverse Energy Ltd. Closes Private Placement
CALGARY, ALBERTA--(Marketwired - Dec. 14, 2016) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) announces that it has closed its previously announced private placement (the "Private Placement") of 8 million common shares ("Shares"). The Corporation issued (i) 2.4 million common shares at $0.40 per share ("Common Shares") and (ii) 5.6 million common shares eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada) at $0.46 per [Read more]
Blacksteel Energy Inc. Resumes Trading
CALGARY, ALBERTA--(Marketwired - Dec. 14, 2016) - Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel") is pleased to announce that its shares will resume trading on the TSX Venture Exchange on Friday December 16, 2016. In addition, Blacksteel intends to hold an annual and general shareholders' meeting on or before June 30, 2017. Blacksteel Energy Inc. Blacksteel is a junior oil and gas company involved in the exploration, exploitation, development and production of petroleum and [Read more]