Collicutt Energy Services has signed an agreement with Rolls-Royce Power Systems to supply mtu engines and systems in Alberta starting June 1, 2021. The agreement covers both natural gas power generation and oil & gas sales and service rights. With its mtu brand, Rolls-Royce is one of the top power system manufacturers globally and has been serving the oil and gas industry for over 70 years with the highest standards in durability, reliability, and technological expertise. mtu diesel [Read more]
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XI Technologies: to play today’s A&D game, you need to be proactive
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Mergers and acquisitions are the name of the game in today’s Western Canadian Sedimentary Basin. Using our own tracking and the BOE Report’s M&A Database, XI calculates that there have been more than 30 notable mergers or [Read more]
Combined company to operate as Kiwetinohk Energy Corp.
CALGARY, Alberta - As announced on June 28, 2021, the Boards of Directors and the largest shareholders of each of Kiwetinohk Resources Corp. ("Kiwetinohk") and Distinction Energy Corp. ("Distinction") have agreed to a combine the businesses of Kiwetinohk and Distinction under a plan of arrangement under applicable corporate law (the "Arrangement"). On July 23, 2021, the Court of Queen's Bench of Alberta issued an interim order (the "Interim Order") providing for the calling and holding of a [Read more]
Surge Energy Inc. announces closing of strategic $160 million Southeast Saskatchewan light oil acquisition; closing of new credit facilities; approval of share consolidation; and 2022 guidance
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce that it has successfully completed the previously announced acquisition (the "Acquisition") of Astra Oil Corp. ("Astra") pursuant to an arrangement (the "Arrangement") under the provisions of the Business Corporations Act (Alberta). SPECIAL MEETING RESULTS; 95% VOTE IN FAVOR OF ACQUISITION AND GREATER THAN 93% VOTE IN FAVOR OF THE SHARE CONSOLIDATION All the issued and outstanding common shares [Read more]
U.S. regulator moving to restore federal oil and gas leasing program – official
A U.S. offshore regulator on Wednesday said efforts to resume a federal oil and gas leasing program are underway following a court decision reversing the Biden administration's suspension. "Based on the court order, we are now moving ahead with leasing," Walter Cruickshank, deputy director of the Bureau of Ocean Energy Management (BOEM), said at the Offshore Technology Conference. "It will not be too long before you see something." The Biden administration this week challenged the court [Read more]
Tidewater Renewables completes initial public offering, announces positive FID on the renewable diesel and renewable hydrogen complex, and successful start-up of the canola co-processing project
CALGARY, AB - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Company") (TSX: LCFS), a multi-faceted, energy transition company, is pleased to announce it has completed its initial public offering (the "Offering") of 10,000,000 common shares ("Common Shares") at a price of C$15.00 per Common Share, for total gross proceeds of C$150,000,000. The Common Shares trade on the Toronto Stock Exchange under the symbol "LCFS". Project Updates With the closing of the Offering, [Read more]
Oil steadies, Delta outbreaks cloud demand prospects
Oil prices steadied on Wednesday, after four days of declines with investors still wary about prospects for stronger fuel demand as the use of rail, air, and other forms of transport remained constrained amid surging COVID-19 cases worldwide. U.S. West Intermediate crude (WTI) jumped 19 cents, or 0.29% at $66.73 a barrel. Brent crude was up 20 cents or 0.29% at $69.29 a barrel. "In the short-term, the oil market may be volatile with frequent pull-backs as crude prices are beginning to [Read more]
Athabasca Oil Corporation announces market egress transactions that increase corporate liquidity by ~$100 million
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) has executed two strategic market egress transactions that increase corporate liquidity by approximately $100 million through cash consideration and the release of restricted cash that was securing letters of credit. These transactions further bolster the Company’s strong liquidity position with a 60% increase in pro forma unrestricted cash balances to approximately $265 million. Athabasca believes the [Read more]
Spartan Delta Corp. announces completion of $150 million bought deal financing
CALGARY, AB - Spartan Delta Corp. ("Spartan" or the "Company") (TSXV: SDE) (TSXV: SDE.N) is pleased to announce it has closed its previously announced bought deal public offering of 29,703,000 subscription receipts (the "Subscription Receipts") at a price of $5.05 per Subscription Receipt for aggregate gross proceeds of approximately $150.0 million (the "Prospectus Offering"). The Prospectus Offering was co-led by National Bank Financial Inc. and CIBC World Markets Inc. (together, the "Co-Lead [Read more]
XI Technologies: to play today’s A&D game, you need to be proactive
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Mergers and acquisitions are the name of the game in today’s Western Canadian Sedimentary Basin. Using our own tracking and the BOE Report’s M&A Database, XI calculates that there have been more than 30 notable mergers or [Read more]