Pembina Pipeline Corp said on Tuesday it would buy a 50% stake in Canada's proposed Cedar LNG Project to develop the floating liquefied natural gas facility in British Columbia in partnership with Indigenous group, The Haisla Nation. Pembina expects to invest about $90 million into Cedar LNG over the next 24 months, including costs to acquire its interest in the project as well as development costs prior to the final investment decision (FID). The company, which will acquire the equity [Read more]
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Topaz Energy Corp. closes previously announced equity financing including exercise in full of over-allotment option
CALGARY, AB - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce it has completed its previously announced $175.0 million bought deal equity financing ("Equity Financing") whereby Topaz issued 12,281,000 Common Shares at a price of $14.25 per Common Share. In addition, the over-allotment option granted to the underwriters to purchase up to an additional 1,842,150 Common Shares (the "Over-Allotment Option") was exercised in full, generating additional gross proceeds [Read more]
The surplus equipment dilemma
Optimism seems to be slowly creeping into view with stabilizing and increasing energy prices and a potential finality to the pandemic, this could shape up to be the best spring/summer season for the oilpatch in quite some time. Producers begin to consider getting off their wallet and long-shelved programs get new life breathed into them. It’s also the time to develop strategy, maximize efficiency and build off what already exists. With property, people and cash – the planning is complex but [Read more]
Surepoint Group acquires Ironline’s services business to expand service lines across Western Canada
NISKU, AB – Surepoint Technologies Group along with their partner ATB Private Equity is proud to announce the acquisition of Ironline Compression Services, the mechanical services and parts distribution arm of Ironline Compression LP (a portfolio company of Staple Street Capital, a leading middle-market private equity firm). Ironline Compression LP has been retained and will continue to operate its compressor package rental and leasing business, which was not included in this transaction. The [Read more]
Protesters clash with police at Enbridge pipeline construction site in Minnesota
Environmental protesters clashed with police on Monday after occupying a pump station as they rallied against Enbridge Inc's Line 3 pipeline in Minnesota, while Enbridge said it had evacuated 44 workers from its site. Line 3, which entered service in 1968, ships crude from the Canadian province of Alberta to U.S. Midwest refiners, and carries less oil than it was designed for due to age and corrosion. Owner Enbridge is replacing the pipeline so it can roughly double the amount of crude it [Read more]
Crescent Point sells non-core southeast Saskatchewan assets for $93 million
CALGARY - Crescent Point Energy Corp. has sold its remaining non-core southeast Saskatchewan conventional assets for $93 million. As a result of the transaction, the Calgary-based company says it has also reduced its asset retirement obligations by about $220 million, or nearly a quarter of its overall obligations as of March 31. The assets generated minimal free cash flow, after incorporating development capital required to sustain production and reclamation activities, despite [Read more]
Oil drops again on doubts over demand rebound
Oil prices extended their losses on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China's oil imports fell in May. W.T.I dropped 64 cents, or 0.92%, at $68.61 a barrel. Brent crude was down 66 cents, or 0.92%, at $70.80 a barrel. "Chinese oil imports at a five-month low... would tend to confirm weakness in the Asia market," said Bob Yawger, director of energy futures at Mizhuo Securities. China's crude [Read more]
Heavy and synthetic crude differentials narrow
Canadian heavy and synthetic crude's discount to West Texas Intermediate (WTI) tightened on Monday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $13.75 per barrel below the WTI benchmark, according to NE2 Canada Inc, narrowing from Friday's settle of $14.25 a barrel below WTI. It was the first time heavy crude differentials have traded narrower than $14 a barrel since the start of this month's trade cycle. Light synthetic crude [Read more]
Obsidian Energy announces early start to second half development program and corporate update webcast
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that we expect to start our 23 well, second half 2021 development program two weeks earlier than anticipated. In addition, following our upcoming Annual and Special Meeting on June 16, 2021, we will hold a webcast presentation that provides a corporate update from our Interim President and CEO, Mr. Stephen Loukas, and other members of [Read more]
Enbridge announces $1.14 billion sale of its financial interest in Noverco
CALGARY, AB - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today that a subsidiary of Enbridge has entered into a definitive agreement to sell its 38.9% non-operating minority ownership interest in Noverco Inc. (Noverco) to Trencap L.P. for $1.14 billion in cash, net of Noverco non-recourse debt assumed by Trencap L.P. This represents a valuation of approximately 29x reported 2020 GAAP earnings of $39 million. Closing of the transaction is expected to occur by [Read more]