COVID-19 has caused significant disruption to many industries across Canada, but for the O&G industry, layering the pandemic on top of historic market volatility has created some unique challenges for business owners. In this second installment of BDO’s Business Rebound Webinar Series, our expert panel will focus on business resiliency in the O&G sector to discuss: Challenges and opportunities in the post-COVID-19 landscape M&A risks to consider The current [Read more]
Headlines
Gibson Energy announces closing of $650 million medium term note offering
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today that it has closed the previously announced offering of $650 million of senior unsecured medium term notes consisting of $325 million of 2.45% notes maturing on July 14, 2025 and $325 million of 2.85% notes maturing on July 14, 2027. Gibson intends to use the net proceeds from the sale of the notes for the redemption of its [Read more]
Hillcrest oil production update
Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF), is pleased to update our shareholders on developments at our West Hazel asset. Oil production re-commenced at West Hazel, after a brief shut in period in April/May due to low oil prices related to COVID's effect on worldwide oil demand. Daily production rates are stabilizing and still below those when production operations were suspended, but field operations are profitable with current oil prices [Read more]
Petrus Resources announces extension to credit agreement
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 13, 2020 to July 20, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, nor [Read more]
Heavy discount narrows as refiners bid up market
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Monday on signs of improved demand from refiners, traders said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.05 per barrel below WTI after trading at about $7.55 below WTI earlier in the session, according to NE2 Canada Inc. WCS settled at a discount of $7.95 on Friday. The market is also correcting after a steep slide last week, trade sources [Read more]
Hillcrest announces early warrant exercise incentive program
VANCOUVER, B.C. - TheNewswire - July 13, 2020 - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) (the "Company" or "Hillcrest"), is pleased to announce that will make an application to the TSX Venture Exchange (the "Exchange") for approval of the implementation of an early warrant exercise incentive program (the "Incentive Program") intended to encourage the early exercise of up to 24,166,466 outstanding common share purchase warrants (the "Eligible Warrants") of the Company held by [Read more]
Pieridae Energy says engineering company seeking exit from Goldboro LNG deal
CALGARY - Pieridae Energy Ltd. says the engineering company it hired to build its proposed Goldboro LNG export facility in Nova Scotia is withdrawing from an agreement to provide a fixed price contract for the job. The Calgary-based company says it has received written notice from Kellogg Brown & Root Ltd. that it is no longer prepared to enter into a lump-sum turnkey engineering, procurement, construction and commissioning contract for the project as agreed in March 2019, although it is [Read more]
OPEC chief sees oil market moving closer to balance before key meeting
The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse. After July, the cuts are due to taper to [Read more]
Oil slips as traders expect OPEC+ to ease supply cuts
Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. U.S. West Texas Intermediate crude was at $40.17 a barrel, down 40 cents, or 1%. Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel. Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand [Read more]
Obsidian Energy provides additional details to proposed long term incentive plan amendments
CALGARY - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is providing additional details to the proposed Long Term Incentive ("LTI") plan amendments to be voted on by shareholders at the July 30, 2020 Annual General Meeting (the "AGM"). The Company's LTI plan amendments are to the Restricted & Performance Share Unit Plan and the Stock Option Plan. In connection with the June 30, 2020 mailing of the management information circular [Read more]