CALGARY, ALBERTA--(Marketwired - June 1, 2016) - Hawk Exploration Ltd. ("Hawk" or the "Corporation") (TSX VENTURE:HWK.A) is pleased to announce that it has entered into an agreement (the "Arrangement Agreement") with Kaisen Energy Corp. ("Kaisen") pursuant to which Kaisen has agreed to purchase all of the issued and outstanding Class A shares of the Corporation (the "Shares") at a cash price of $0.08 per Share for aggregate consideration of approximately $16.1 million, which includes the [Read more]
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Bellatrix Announces Borrowing Base Redetermination Update
TSX, NYSE: BXE - CALGARY, June 1, 2016 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) announces a deferral of the Company's semi-annual borrowing base redetermination to June 30, 2016. Bellatrix and its syndicate of lenders have mutually agreed to defer the semi-annual borrowing base redetermination under the Company's revolving credit facilities (the "Credit Facilities") from May 31, 2016 to June 30, 2016. Bellatrix is actively engaged in negotiations on [Read more]
Seven Generations’ Lenders Extend $850 Million Credit Facility
CALGARY, ALBERTA--(Marketwired - June 1, 2016) - Seven Generations Energy Ltd.'s (TSX:VII) lenders have renewed and extended the company's $850 million credit facility following a scheduled redetermination of its borrowing base. "We appreciate the ongoing support from our lending syndicate of 10 financial institutions. In the past six months, we have increased our reserves, the basis for our borrowing capacity, and have improved our financial strength as we continue to grow production and [Read more]
Husky Energy Positioned to Grow Profits
CALGARY, ALBERTA--(Marketwired - June 1, 2016) - Husky Energy (TSX:HSE) is positioned to increase free cash flow as a result of the structural changes that have taken root across the business while significantly lowering its cost base. "Husky has been transformed over the past six years," said CEO Asim Ghosh. "We now have an oil price earnings break-even that is amongst the lowest in the oil industry and have significantly reduced our sustaining and maintenance capital requirements. "In [Read more]
Calls grow to pay out oil profits before eventual decline of industry
CALGARY - A rising chorus of voices is calling for the oil industry to reduce spending on growth and begin rewarding shareholders through things like higher dividends and share buybacks.Investment researchers, think-tanks and newspaper editorials have recently begun advocating that big petroleum companies return as much capital to shareholders as possible as the transition away from fossil fuels gathers momentum and profits fade."Demand forecasts are way too positive," says Paul Sankey, managing [Read more]
Saskatchewan budget to show deficit due to falling oil, gas, potash revenue
REGINA - Saskatchewan Premier Brad Wall has joked that deficits are like potato chips — not good for your long-term health and bet you can't stop at just one.But Wall wasn't joking Wednesday after his government tabled a budget with a projected $434-million deficit."I don't like it at all. My analogy doesn't work. It's not like potato chips at all. I'd love to be able to stop at just one," said Wall."I do think it's manageable, especially when you consider what's going on in some other [Read more]
Raging River Exploration Inc. Announces Corporate Acquisition of Rock Energy Inc.
CALGARY, ALBERTA--(Marketwired - May 31, 2016) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX:RRX) and Rock Energy Inc. ("Rock") (TSX:RE) are pleased to announce that they have entered into an agreement (the "Arrangement Agreement") providing for the acquisition by Raging River of all the issued and outstanding Rock common shares (the "Rock Shares") pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Acquisition"). THE [Read more]
Twin Butte Announces Extension of Credit Facilities
CALGARY, May 31, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has agreed to extend the maturity date of Twin Butte's $85 million non-revolving credit facility from May 31, 2016 to June 1, 2016 and the expiry of the revolving period of Twin Butte's $140 million revolving credit facility from May 31, 2016 to June 1, 2016 to enable the Company to continue with its strategic alternatives process. As announced on December 9, [Read more]
Kelt Exploration Announces Amendments to Its Credit Facility
CALGARY, AB--(Marketwired - May 31, 2016) - Kelt Exploration Ltd. ("Kelt" or the "Company") (TSX: KEL) has completed its semi-annual borrowing base review with its syndicated group of lenders. The Company has agreed to certain amendments to its existing credit facility and the borrowing base has been re-determined at $185.0 million. All of the lenders, other than a single lender representing $10.0 million of the total commitment amount of $185.0 million (the "Term Lender"), have agreed to [Read more]
Eagle Energy Inc. Appointed as Operator of Dixonville Properties and Announces Credit Agreement Amendments
CALGARY, ALBERTA--(Marketwired - May 31, 2016) - Eagle Energy Inc. ("Eagle") (TSX:EGL) announced today that, effective June 1, 2016, it will assume operatorship of the Dixonville properties in which Eagle has a 50% working interest. Eagle also announced today that it has finalized its semi-annual borrowing base redetermination and amendments to its credit agreement (the "Credit Agreement") held with a syndicate of Canadian banks. A summary of the significant amendments to the Credit Agreement [Read more]